How does this normally work when a Korean business needs to downsize? Is there sort of a cultural understanding of the need and the employees sort out together

How does this normally work when a Korean business needs to downsize? Is there sort of a cultural understanding of the need and the employees sort out together which ones with accept the resignation offer? Five employees sounds like a really low limit and like an affected business could be quite small, so what happens if business slows down enough that not all 6 employees can be paid, but none of them want to go? Are the rules different too when the business itself needs to close? Or do the 6 employees have some kind of opportunity to take over the business if they don't want to be terminated? I'm really interested in understanding more about this model, because it's so different from the "at-will employment" that I'm used do, and used to seeing higher-ups in companies defend as the only workable way.