“GM reportedly considering job cuts, brand sales” (MarketWatch):
Facing steep vehicle sales drops amid soaring gas prices and plunging consumer confidence, the Detroit giant is likely to present job cuts and other cash-raising steps to its board of directors in early August, according to the Wall Street Journal.
These potential measures are part of a broader re-evaluation aimed at returning the company to profitability in 2010, the paper reported, citing internal projections.
GM recently put its Hummer division up for sale and could soon put one of its eight remaining brands on the chopping block, saving billions in development costs for vehicles that have trouble moving off the lots, like those from Buick, Saturn and Saab.
My father worked at Buick’s Plant 10 in Flint most of his adult life. He started out an hourly rate and ended up a foreman — a company man. Before that, his father lost four fingers of his right hand building a Buick. Both men died before GM shut down its Buick operations in Flint and bull-dozed the giant factory complex (which at one time included the largest factory under one roof in the world).
My parents bought a lot of GM stock over the years, and never sold any of it. My mom kept buying Buick coupes even after Dad died and the Flint plant was razed. If the corporation has to sell off the Buick brand in order to survive, then it should. It’s just business. There’s no room for sentiment.
But it makes me sick.
CathyAJ | 08-Jul-08 at 8:56 am | Permalink
it IS sickening. My uncle and brother both retired from the truck plant, so I know exactly how you feel.
Macy Swain | 10-Jul-08 at 12:52 am | Permalink
Nice birthday present for GM’s 100th, eh? I find it interesting that we all know it’s “only business,” yet GM is part of the tapestry of our town. It’s impossible not to react viscerally to this stuff. Your grandfather lost four fingers. That isn’t “just business,” — that’s the sacrifice of the body. For what? GM wasn’t just part of Flint, it was America — for good or ill. No wonder we feel nauseous — our heart and our guts are at stake.
GM keeps Buick, cuts Mom’s health insurance — Mitch Gann’s | 17-Jul-08 at 2:59 pm | Permalink
[...] A couple weeks ago, it was rumored that General Motors might sell one or more of its divisions — possibly including Buick — in order to survive. Given my family’s history, I found this disheartening. [...]