GM mulling thousands of job cuts, sale of brands: report

[marmar]

Reuters, via Yahoo!:



GM mulling thousands of job cuts, sale of brands: report
Mon Jul 7, 1:15 AM ET


(Reuters) - General Motors Corp (GM.N) is planning to cut thousands of white-collar jobs and is considering whether it should sell or stop production of more of its brands, The Wall Street Journal said, citing people familiar with the matter.

Both moves are part of a broader re-evaluation of the company's strategy and of its ability to meet an internal projection of returning to profitability in 2010, the people told the paper.

The job cuts are likely to be approved when GM's board of directors meets in early August, the people said. The reductions would be in addition to earlier announced cuts.

Management may also present the board with options for raising additional cash, they told the paper.

The board may also hear management's latest thoughts on whether GM should trim the number of brands it offers in the United States, the people told the paper.

All but the Cadillac and Chevrolet brands, which GM considers core to its business, are undergoing close scrutiny, some other people told the paper.

In the past few years, as GM has run up massive losses, some board members and some executives have on occasion raised questions about its plethora of brands, only to be rebuffed by Chief Executive Rick Wagoner, the paper said, citing people familiar with the matter. .......(more)

The complete piece is at: http://news.yahoo.com/s/nm/20080707/bs_nm/gm_jobs_dc

[Kokonoe]

1. Get your GM stock

Its not going to get any cheaper,

its a fight between corporations and laborers. GM sides with labor, and labor will win.

[KharmaTrain]

2. Always Looking For A Handout/Bailout

I stopped buying GM cars when I had one catch on fire (almost trapped my wife and new-born son it it) and another that blew an engine at 40,000 miles...I've never been impressed with the "quality" of GM cars.

So, who does GM think will come to the rescue? Ya think any foreign automaker is gonna buy that mess...especially in light of the bad experiences Daimler had in their shotgun marriage to Chrysler. So I expect GM to run hat in hand to the boooshies and hope to get a nice "loan" or bail-out...it sure a lot easier than having to face up to the company's mismanagement over the past 30 plus years.

[SpiralHawk]

3. Do you suppose they could sell me the brand rights to The Edsel?

Or do I have to talk to Ford?

I'd like to buy the Edsel brand rights and give them to Commander AWOL Bush and his republicon cronies. They deserve them.

[Neshanic]

4. All their cars look the same. No biggie.