What can I do if my employer keeps cutting our pay and delaying paychecks?

I work for a small company (about 100 employees) in New Jersey. I've been here for 8 years, and within the last year, the previous owner sold the company to another group of owners. Ever since this new group of proprietors have taken over, the current president of our company has cut the directors' pay three (3) times within the last year, increased our contributions to health insurance and now for the last several pay periods (which are bi-weekly), they have indicated they cannot "make payroll" and have been paying us late (i.e. if payday was on Friday, we would not get out checks until the following Wednesday) as well as "owing" us a week's pay from about 3 weeks ago. The new owners have increased head count (with employees from their old company) with higher salaries than our original group, plus over-extended themselves purchasing new equipment. Is it legal to "play" with our paychecks in order to fund their current enterprise??