I doubt very much that baby will be 'closed down'.
Any sale to another carrier will almost certainly still ensure a presence at EMA, albeit in a different guise to baby.
Some of the EMA routes are pretty good money-spinners so it would be a foolish company to dismiss those.
I wish all my ex-colleagues at baby (and bmi) all the best luck in the world over the next few months. I've been there, as well.....