That's the whole point of the story: Then they wouldn't have treated him as a hero and be loyal to him. If you're just an employee, your boss should be just a boss.
It’s possible he paid well and was a great boss. I don’t know if these people are gonna take a bullet for him, but maybe he was great to work for and they got opportunities they think they wouldn’t have otherwise.
Loyalty, appreciation, liking… is a spectrum. Loyalty doesn’t have one trumpish definition.
Local guy had all the loyalty of his employees, almost a hero to them.
Got bought out. He took all the money for himself, left the employees with nothing. Many got laid off.
Result? Still loyal. Still talk of him as a hero. Even though he obviously screwed them, cared nothing for them, betrayed them.
Loyalty is strange. Born of charisma and empty talk that's all emotion and no substance. Gathering it is more the skill of a salesman than a leader.