X. ABC Tomato Corporation, owned and managed by three (3) elderly brothers and two (2) sisters, has been in business for 40 years. Due to serious business losses and financial reverses during the last five (5) years, they decided to close the business. As counsel for the corporation, what steps will you take prior to its closure? 2.5% Are the employees entitled to separation pay? 2.5% If the reason for the closure is due to old age of the brothers and sisters: Is the closure allowed by law? 2.5% Are the employees entitled to separation benefits? 2.5%