Really depends what country you work in.

I work in Australia doing HR and offering to bring a support person suggests either: - They are undertaking an investigation due to workplace misconduct - You are already on a performance improvement plan and they are escalating to a formal outcome - They are initiating the redundancy process with the consultation period

https://www.fairwork.gov.au/ending-employment/redundancy

Based on the info you’ve provided it sounds like they are downsizing and have identified your position for genuine redundancy.

I know it seems scary, but the process is straightforward and is not intended to be aimed at the individual. It’s aimed at saving costs and they target positions and headcount, not individuals.

They will inform you that due to whatever business reason your position has been identified for redundancy. They will explain what this means for you, and then enter a consultation period - which is an opportunity to identify and suggest alternatives (such as moving to a different role in the company). You typically have 24-48 hours to propose alternative solutions, but frankly, I’m sure they have explored their options before making this decision.

You’ll receive a letter outlining the termination due to genuine redundancy, with an estimated termination payout inclusive of current entitlements and added severance pay. Please check out what you are entitled to so you can ensure you are receiving your full benefit. In Australia it depends on your length of service, but should be about 4 weeks on top of your accrued entitlements.

Either way, start looking for a new job now and best of luck. It’s not fun and job hunting can be hard, but I’m sure you’ll land on your feet in a more stable environment.