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I've heard it varies greatly. Officially, they usually keep details close to their chest. Unofficially, I've seen about two weeks pay for every year worked. Sometimes, they offer continued health benefits for a bit, but that's not always guaranteed. It probably depends on your level and how they structure the layoff. Start updating your resume just in case and brush up on interview skills; being proactive never hurts.
Honestly, don't get your hopes up too high. While companies *should* treat employees fairly, large retail outfits often do the bare minimum. Three years isn't a super long time. Start looking at other opportunities now. A bird in the hand is worth two in the bush! If you get laid off, treat severance as a bonus, not something to rely on. Prepare for the worst, hope for the best.