What happens if the company for which you are working goes out of business?

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Yes...happened to many pharmacists when CVS took over the world.
 
Is it generally possible to get a job with the chain that buys it out? Just wondering...

The default situation is usually to retain everyone and then evaluate them over the course of the next several months. Your potential problems result from your store being closed or combined with another existing store, or from you being a general jerk about it and not getting along with your direct or indirect supervisors from the new company.
 
And I know of 4 cities where every CVS had 100% turnover within a matter of weeks. 😱

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