Not really. In all things in life, you can choose who you associate or partner with and that choice reflects on you.
Like others on here I am sure, I have had to downsize a workforce under unfavourable economic conditions, but it is probably the time when your integrity and behaviour as a leader comes through the most... anyone can enjoy growth and good times but handling bad news is far more challenging.
P&O did (at least) two things badly.
They let long term staff go without a full and proper consultation - and admitted that they did this because the terms of the consultation would have been unreasonable.
Secondly, they then immediately replaced these staff with cheaper agency workers.
Both of the above are illegal and I wouldn't partner with a business that acted like that.