GM Will Likely Shut Down Plants for Longer This Summer


After yesterday’s announcement that GM will likely skip a $1 billion debt payment in June, sources from the company have leaked news that the company will close most of its factories for up to nine weeks this summer in an effort to reduce inventory. Workers who may be laid off in this period (the number could reach the thousands) will still get much of their pay in the short term because of union agreements. But the stoppage could be disastrous for the suppliers who sell GM their parts. [AP]