It finally happened — General Motors officially filed for chapter 11 bankruptcy. Although the numbers varied in the media in terms of the actual on employees effected, reports note that up to 14 plants and 17 factories will be closed, including the lay-off of nearly 8,000 salaried employees between now and the end of the year. All of these efforts will be made in attempt to bring the company back to life in the midst today’s filing. The New York Times includes a great primer on the bankruptcy announcement for those interested in learning more on the details.
Back in April we reported on the cuts GM had made to potentially avoid today’s announcement, along with some advice employees had for CEO Fritz Henderson. Since publishing that blog post, we’ve seen a number of employees offer up additional advice given the current environment. As the last round of cuts didn’t seem to work, perhaps if Henderson and other senior management pay more attention this time around it will help GM get back on its feet:
Look towards the future, should have a break-even point that would be recession proof. Should always have a bottom line and conserve our capital.- Anonymous, Warren, MI
