According to Wikipedia, they employee over 350 employees, so this is a huge chunk. The layoffs included the producer of the popular Lego Star Wars: The Complete Saga, Shawn Storc.
Kotaku has a story about LucasArts possibly laying off 75-100 employees. This includes developers, some big wigs, and QA after the new LEGO Indiana Jones: The Original Adventures game was released.
There is a really funny comment on the Kotaku page, where one of the readers says "May the force be with them".
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Looks like Kotaku updated the story with theories that this is an EA influenced thing. One of the big wigs from EA moved over to LucasArts and it's believed that Darrell Rodriguez, former Electronic Arts LA COO, is going to throw the Star Wars IP games over to EA since EA bought out BioWare and Pandemic. So LucasArts let it's designers go since they would essential be dead weight. Again this is all speculation. So it will be interesting to see how it plays out.
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