This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Chevrolet Sonic Tells Story Of Detroit Comeback

"We all sort of wanted to do something that was very radical that would test those relationships and also test our ability to be really competitive here," said Mark Reuss, GM's North America president.

Union leaders Sweeney and Dunn accepted the deal in October 2010, figuring it was better to have lower-paying jobs than none at all. They were vilified by some workers.

"People like to complain, but I think deep down inside, they realize what we had to do and why we did it and how everybody's truly benefiting," Dunn said. "It's better than having the doors closed and wondering where your next paycheck is coming from."

After the wage deal, GM started moving equipment into Orion. But there were still no workers to support the restaurants and shops surrounding the plant.

By early 2010, some of the small businesses around Casey's Chicken had started to close. Engineers who had been laid off by nearby parts suppliers came in asking to work for owner Casey Barnard for $8 an hour.

Meanwhile, plant workers were struggling. Unemployment benefits and a subsidy from GM that provided up to 70 percent of their pay began to run out. Some took jobs at other GM plants in Ohio or Missouri, where they bunked with fellow workers in crowded apartments or trailers and commuted home on weekends.

At the UAW hall, meetings had standing-room only crowds of 500 and lasted for hours. Workers stepped up to the microphone asking for help because their homes were being foreclosed and their cars repossessed.

"That was really crushing, going through that time," Dunn said. "These people had been working and making their payments all along on time and then the economy just dropped out on them."

Workers started trickling back to the plant in November 2010. But it wasn't enough for Casey's Chicken. After 14 years, the restaurant closed in the fall of 2011. Barnard is now working at a vacuum store a few doors from his former restaurant.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs