I was with a mall retailer when they closed a bunch of stores and was in a weird assistant regional management position. I was one of the people that had to break the news to about a dozen stores. We gave them anywhere from 3 days to a month notice depending on sales and inventory. I've also had plenty of friends show up to closed chain restaurants with new locks on the front door. Any big retail company that pays associates minimum wage and sucks the life out of store management does not give a single f***.
Best advice I can give to anyone is to plan to leave this type of job as soon as you can - like from the moment you're hired. I understand people need money and there are times that any job will do, I've been there. But I think people get complacent working a shitty job for a shitty company and before they know it, they've been there three, four, five years. They eat shit the whole time and are miserable - and then they're unemployed. You find yourself working one of these shit jobs and you need it to pay the rent - take the job, but do not stop turning in applications for something better.