39-2-1003. Requirements for closure or retrenchment. Upon making a decision to close or retrench, an employer shall:

(1) immediately notify the employees, the affected employee organizations, the affected local governments, and a newspaper of general circulation in the county where the governmental facility subject to closure or retrenchment is located; and

(2) within 90 days, provide the employees, the affected employee organizations, and the affected local governments with a written impact statement that includes information concerning:

(a) the number of employees affected;

(b) the amount of the affected employees' payroll;

(c) the potential tax losses to local governments and school districts;

(d) the effect on other businesses; and

(e) the reasons for the closure or retrenchment.