Law for Going out of Business ?

Question

Is There a Law that governs businesses to give employee's of a company 30 or 60 days notice that they are going out of business and closing their doors for good ? They can't just close one day and the employee be out of a job ,can they ?

Answer 1

There is no law that states the timetable for closing a business.  If the employers is retiring or just ready to get out of the business, they may inform employees and start selling off inventory and equipment.  If company is having financial problems, there may not be much warning.  Aloha Airlines, in Hawaii, filed for Ch 11in the middle of April and shut down flights 2 weeks later and are completely gone now.