Poof! 21,000 jobs, 40% of Dealerships Gone

  We all knew it was coming and now it has: GM is bankrupt.

  The quintessential American automaker entered Chapter 11 this morning. It is $172 billion in debt, according to The New York Times.

Earns GM

  GM has announced plans to close 12 factories in Michigan, Indiana, Ohio, Delaware and Tennessee.

  The government’s going to give GM another $30 billion to get it through what President Obama hopes will be a quick restructuring.

  Mercifully, at least GM has promised to keep its headquarters in Detroit, The Times reports.

  Chrysler, meanwhile, is expected to emerge from bankrupcy in the next few days.

1 Comment

Filed under Featured, U.S. Auto Industry

One response to “Poof! 21,000 jobs, 40% of Dealerships Gone

  1. Paz

    It’s a dark day for the Rust Belt. We all knew it was coming, but it’s still incredible to think about it. 25 years ago, if you were going to tell someone that GM would be bankrupt, they’d think you were crazy.

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