So, in case of LMIA, employer will reappoint me or i can continue my employment.
No - it doesn't quite work that way. You would need to stop working as soon as your PR status is lost. Your employer would then have to go through the LMIA process. This can be quite a long process and your employer should budget 4-6 months to complete it. The first step is to advertise the job (following the LMIA requirements) for at least a month to prove no Canadian could be found for the role.