Company announced restructuring months ago but nothing changed

Back in early May, management told us the company would be restructuring and that “big changes are coming.” It’s now mid-August, and there’s been zero follow-up on what’s actually happening.

A few strange things have been going on since:

• Turnover: 2 people have quit on their own accord in the last few weeks.
• Vague reassurances: they’ve said things like “no one’s getting laid off,” but those messages are coming from different managers than the ones who announced the restructuring in the first place.

It’s creating a weird mix of anxiety and apathy. I’m trying to decide if I should be preparing for layoffs, role changes, or just a slow reorganization that drags on for months.

For those who’ve been through this, when your company announces restructuring but then goes silent for months, what usually ends up happening? Is this the calm before the storm, or could it actually fizzle out into nothing?