GM, Chrysler say dealer cuts crucial for turnaround
The chief executives of General Motors Corp
We have no choice. We're all being called to sacrifice in order to build a stronger more viable GM, the company's chief executive, Fritz Henderson, said in testimony prepared for a Senate Commerce Committee hearing.
Jim Press, Chrysler's president, told lawmakers that a quick turnaround of its dealer network was crucial for its successful transition into an alliance with Italy's Fiat
GM, which filed for bankruptcy protection earlier this week, plans to cut nearly 1,600 dealerships over the next 18 months. Chrysler wants to reduce its network by 789 showrooms by June 9, and is close to wrapping up its bankruptcy case.
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