Item Flooded with New Sellers

Has anyone had experience with an item they are selling being flooded with new sellers with terrible ratings?

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I’ve had buy box on a good selling item for the better part of a year. Selling price between $105 and $118 as FBM. There were never more than about 5 sellers total on the item. In the last 2 weeks, 30+ sellers have started selling the item between $80 and $92. All of the new sellers have less than 100 ratings and typically a rating under 70% positive. All of the new sellers are FBM. Based on the costs that I have as a wholesale buyer from the manufacturer, selling between $80 and $92 would be a huge loss.

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Curious if anyone else has seen anything like this happen to them.