GM Dealers Feel the PainBy
More distress was handed down to car dealers across the country May 15 as General Motors (GM), facing a White House-imposed deadline to restructure or file for bankruptcy by June 1, notified 1,124 of its 6,200 dealers that the automaker intends to end their franchise agreements by late next year. The word—delivered in FedEx letters to affected dealers—went out a day after Chrysler, operating in Chapter 11 bankruptcy, tagged nearly 800 of its dealerships for termination.
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