That absolutely sucks for everyone who got laid off and I sincerely hope they find new jobs again soon.
That being said, this was absolutely something that EA and Bioware should've seen coming. The cost of SWTOR was pretty damn high, and even hotly anticipated MMOs can see a severe user drop after the first few months. Unless they got extremely lucky, something like this was bound to happen. They overreached and couldn't quite make it, and it's sad to see so many hardworking people lose their job over it.