Bad news continues to flow from the US automobile industry this week also. General Motors has announced the shut down of over 1100 automobile dealer shops across the country, as part of the restructuring effort. Apart from this , it is planning to drop out at least 12 of it’s weak brands which can help in saving millions of dollars.
But all these measures are not adequate to pull out GM out of woods, it needs to get major write offs from it’s creditors and also employee trusts.
Over the coming few weeks, we can expect more bad news from General Motors, which might add to the unemployment woes of the country.