I agree undercovasanta - leaving it so late before Christmas does not allow for the 'limit how much is spent for Christmas' argument.
I remember when 9 people were made redundant from a firm I worked for ... it was the first week in February (and one of my colleagues, who had felt it was likely, borrowed my car to go to a job interview).
He put everything from his desk in the car to take home, feeling quite sure that the day after his interview, he and others would be given the news. He was 100% correct.
Definitely unsympathetic and uncaring attitude from an employer to do this just before Christmas, but not sure whether there are any drawbacks in not doing it after New Year - still a massive blow to anyone affected, but perhaps a decision to allow for anyone who would try to "pull a fast one" and take a day or two off "sick" in 2011, that they increase their chance of getting to be permanently out of that place of work if they do.
Sorry to read of people losing jobs any time of year, but definitely when there will be a week or so of close family presence, worry and tempers/ concerns don't go together too well.
Just hope 2011 gets better for anyone with problems (as someone getting over bankruptcy, I know a bit about not having access to cash myself).