This is sad to see. Similar situations have been happening in other towns where local economies are devastated by the closure of industrial facilities. Sadly, many people will move away. There will be many ancillary effects, such as the severe decline in local property tax revenue to support public services.
And sadly, if that community is able to recruit new businesses to create new jobs, it is very likely the new jobs will pay a lot less than the jobs being lost.
Working communities often lose their young people - best and brightest who are willing to work hard - leave looking for decent paying jobs.