closing vs layoff

closing and layoff both are nouns.

Word	Noun	Adjective	Verb	Adverb
closing	Yes	Yes	No	No
layoff	Yes	No	No	No

As nouns, layoff is a hyponym of closing; that is, layoff is a word with a more specific, narrower meaning than closing:

Other hyponyms of closing include plant closing, bank closing.

closing (noun)	layoff (noun)
termination of operations	the act of laying off an employee or a work force
the act of closing something
a concluding action
approaching a particular destination; a coming closer; a narrowing of a gap
the last section of a communication

closing (adjective)	layoff (adjective)
final or ending