The common wisdom on luxury items (quoted pretty often when it comes to GeeDub financials, actually) is that they sell just fine in a recession. More, this particular recession has been going on for, what, six or seven years now? GW's lot during this time has gone up and down in a way that suggests they're not particularly affected. Also, wargaming as a whole? Doing just fine. Privateer Press has exploded in the last three or so years, and games like Infinity, X-Wing and Dystopian Wars have all gained the sort of player base that hasn't been seen since Warzone and VOR took a shot at it fifteen or so years ago.
I couldn't tell you the actual causes of GW's current financial woes, but the signs point to self-infliction. They'll recover, but what they do to right the ship is going to be "interesting."