General Motors, which is on the verge of bankruptcy and nearing the restructuring deadline mandated by the Obama Administration announced drastic plans today.
According to a report, GM is going to cut its hourly workforce from 61,000 to 40,000 by 2010. Additionally, GM is going to announce later today that they are going to sunset the Pontiac Brand and attempt to further trim the ranks of their dealer base.
The 21,000 reduction in hourly workers will also lead to more job losses in the white collar job force, the supplier base, and the dealer base, with announcements like this---I see the "green shoots" starting to whither.
1 comment:
Well at least
GM is finally starting to recover one step at a time after 3 years since it's near-death. It will be a long road back to the helm but it will get there.
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