GM axing 1100 out of 6000 dealerships and, besides dumping Pontiac, is putting Saturn, Hummer and Saab on the block

as with the news yesterday about chrysler (see previous post), i wonder what this is going to do to unemployment figures... you can be sure it will be ugly...

GM to Slash 1,100 Dealerships

General Motors is notifying 1,100 of its 6,000 dealers today that it will not renew their franchise agreements when they expire by October 2010.

This is the automaker's first step in slashing 40 percent of its retail network as part of a major restructuring aimed at reviving the company. GM plans to shrink its dealer network down to 3,600 dealers by the end of next year.

GM said over 90 percent of the remaining dealers will be offered a chance to remain with the company.

The automaker has announced it will no longer continue the Pontiac line and is now in the process of looking for buyers for Saturn, Hummer and Saab. The company said it will be soon be updating those 470 dealers on the status of those jettisoned brands.

can the news of gm's bankruptcy be far behind...?

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