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What does downsized mean?

Looking for the meaning or definition of the word downsized? Here's what it means.

Verb
  1. simple past tense and past participle of downsize
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Examples
Consequently, in the bid for competitive advantage, organizations have downsized, restructured, merged or acquired.
Since 2002's Highwire, The Neufeld-Occhipinti Jazz Orchestra have downsized from 16 members to a svelte nonet.
They were expressing their concern at the company's announcement that Dundalk Packaging is to close and Dundalk Brewery will be downsized.
When John Young was downsized from his job last year, he didn't throw a pity party.
The department had been redesigned, delayered, downsized, and the people were operating as a self-managed team.
Companies downsized, diversified, and increased their exposure to export markets.

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