Jimmy The Bartender® answers
First off, big guy, here's a reminder of what the scrum below you is doing nonstop: panicking and gossiping. Every time you hold a closed-door meeting, rumors spread. So nip them early. Remind people that this is the time for professionalism. You're at work, not in high school. Livelihoods are on the line. And when you do know something, tell your staff before they hear it from Lucy Loose Lips down the hall. That'll lower anxiety and raise their respect for you. Everyone knows the economy's a dump; they just want to be treated with respect. So after you deliver the blow to your friend, make plans to meet up in a few days so he doesn’t think everything about your relationship is over. Name a time and a favorite bar. And tell him you're buying.