As bad as things may be at Squeenix, it is more likely another move at Sony to regroup, refocus, consolidate so they can survive. They're struggling in every sector except insurance. Insurance!
Square is having monetary difficulties as well, but they're fluid and TINY compared to Sony, and still may wend their way out from under their troubles. Sony is more likely looking at a protracted death spiral unless they get support from the Japanese government, or are bought by another zaibatsu like Matsushita.