GM to Cut 1,100 Dealerships
Notices will go out Friday, a day after Chrysler announced it wasn't renewing 789 franchises.
Updated from 9:19 a.m. EDT
General Motors
(GM) - Get General Motors Company Report
will begin notifying some 1,100 dealerships that they will not be retained.
The announcement Friday comes a day after
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said it was cutting 789 dealerships.GM dealers will be notified by telephone or FedEx letters.
The company said the dealer information will not be made public.
The GM dealer cuts are part of a plan announced last month to cut more than 2,600 dealers by 2010. GM, which has borrowed $15.4 billion from the federal government, faces a June 1 deadline to restructure or file for Chapter 11 bankruptcy.
GM shares were trading down 8 cents to $1.07 around noon Friday.
This article was written by a staff member of TheStreet.com.
