General Motors bankrupt is the new word on Wall Street.
It seems that despite major efforts to save itself and all the new plans and arrangements, General Motors will be forced into bankruptcy by the end of next month. Word on wall street remains that the giant auto maker will be forced to claim chapter 11 bankruptcy and will be forced to close down over 1000 dealerships in order to potentially survive the dark road ahead.
This is now the 3rd major loss in the American auto industry, and seems to not be the last. Chrysler was first, followed by the Pontiac branch of General Motors and now this; GM should learn a few tricks from its counterpart Ford automotive who has used this recession as an opportunity and has prepared well for the next boom in automotive technology.
General Motors being forced into bankruptcy comes as no surprise as it was clear that production quality, innovation and customer satisfaction had been lacking in years and that no last minute change was going to entirely salvage a lost and useless company that was ran so inefficiently for the past decade.
General Motors can only hope that this chapter 11 loss will be its last as it obviously has yet to fix its union problem, labor costs and production costs in order to turn this ship around and salvage what is left of it.
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