My former paper used to have a holiday party every year. Even the retired people were invited.
About three years after the new publisher came in, he decided to kill the holiday party because, he claimed, few people showed up. In reality, he bragged at the local bar he always frequented after work that he killed it to save money (even though the employees committee, which raised money through our vending machines, paid for it) and "because I really don't like being around those people." So he decided to throw a small party (snacks only) on a weekday afternoon, and on the day it was scheduled, a major ice storm was coming. So that party got cancelled, and we never had another one.
Side note: The employees committee was disbanded the following year, and all of the money from the vending machines went back to the company.