GM announces 1,900 more layoffs at plants (on top of Friday's 3,600 layoffs)

[Bozita]

Source: Detroit Free Press

GM announces 1,900 more layoffs at plants
BY JEWEL GOPWANI • FREE PRESS BUSINESS WRITER • NOVEMBER 10, 2008

Andrea Kanakry assembled fruit baskets in her Warren floral shop today on a mission to win new business. Kanakry teamed up her shop, Andrea’s Gift Boutique and Florist, with Sajo’s Restaurant, which has a banquet hall and catering service. Kanakry delivered the fruit baskets stuffed with information about the two businesses to funeral homes in hopes of drumming up sales.

“It’s been so rough lately,” said Kanakry, 32, of Warren. “It’s only getting worse.”

Kanakry’s story reflects those of hundreds of business owners who are watching sales plummet as wallets tighten with every wave of bad news for Michigan’s automakers.

General Motors Corp. said today it plans to lay off 1,900 hourly workers, on top of 3,600 layoffs announced Friday. GM’s shares tumbled $1 Monday to close at $3.36, after an analyst said the company faced a “bankruptcy-like” spiral.

Read more: http://www.freep.com/article/20081110/BUSINESS01/81110081

[emilyg]

1. Merry Xmas - sigh

[legin]

2. GM rated CCC at Fitch

You dont have to login for Fitch (so far, it looks to be about to change)

This section is Coporates, use the dark grey menu bar to get to other segements of economy (then click on issuer list on the left)

http://www.fitchratings.com/corporate/sectors/issuers_list_corp.cfm?sector_flag=1&marketsector=1&detail=&body_content=issr_list

[legin]

3. I think CCC means it sucks

but not as bad as junk bond status.

I think. :shrug: :dunce:

[hatrack]

12. "Crap Crap Crap"?

Just asking . . .

[JNelson6563]

4. So many sad stories

and it irks me to no end when DUers make flip remarks about the auto industry. Yep, no doubt there have been bad decisions and upper management needs to pull their heads out of their asses. That aside, so many human beings and their families are being devastated and mostly we hear from our supposed fellow liberals is "fuck 'em" type of remarks re: American auto companies. Just remember who's really getting the raw deal. It ain't we the (little) people.

Julie

[RUMMYisFROSTED]

6. What do you say about an industry that has no vision?

Whose upper-management cares only about their own bottom line?
There is absolute sympathy for the autoworkers but maybe their talents would be better utilized elsewhere. Think green.



General Maglev?

:think:

[JNelson6563]

8. I have to believe their sight is getting restored.

Can't look at what's going on and not get a clue anymore. I think we should save them with conditions. Condition #1: Retool factories to produce greener cars, like those sold in Europe.

Good to see you m'dear, as always.

Julie

[WriteDown]

9. Yep......

They should have had the vision to know that non-union labor would break them by working for foreign auto-makers. GM should have broken the unions years ago so they could have competed in today's market place :sarcasm:.

[SpiralHawk]

5. The putrid fruit of republiconomics

[kickysnana]

7. One of the 36000 is a cousin, single mom in OH. n/t

[sarcasmo]

10. Stick a fork in them, GM is done.

[OhioChick]

11. The bleeding continues....

K&R

[llmart]

13. Maybe GM needs to fail.....

and start over as a smaller, leaner company. Maybe they've earned the nickname "Generous Motors". Maybe all of the Big Three need to take a good, hard look at their mistakes. But first of all, the guys at the top need to be shitcanned with no golden parachutes.