Word: chryslers
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...next big wave of layoffs will begin in the retail industry where there is still too much store capacity to be supported by a moribund consumer. GM has already signaled its intention to cut additional employees and, based on the rate of the drop in its sales, Chrysler will be forced to eviscerate its employment base further...
...this point, none of the large global car companies have been able to avoid red ink. While the numbers may be worse as GM, Ford, and Chrysler. the viability of more stable firms with better balance sheets could be threatened if the depression in car sales stretches to the end of this year...
...Chrysler are already running into trouble with the UAW, creditors,and suppliers as the two companies bargain to drop costs. The union says it gave plenty of concessions during the last set of contract negotiations. For cosmetic purposes, it may bend more but is probably willing to gamble that the government will not allow the two car companies to go into bankruptcy and force the loss of hundreds of thousand of jobs in an economy that is already battling rapidly rising unemployment...
Creditors may be willing to make the same bet about the government's future. Since they are likely to get only a small part of the value of their debt in negotiations with GM and Chrysler, they may elect to wait the process...
...circumstances of the failing U.S. auto market make it significantly more likely that GM and Chrysler will not get the funds they want to stay independent. The federal government may force them into Chapter 11 while providing funds to keep them operating indefinitely. Congress and the Administration may decide that supporting Detroit is necessary because closing the firms would put so many people onto the unemployment line. More job losses, of course, would in large part negate the goal of the stimulus plan to add three to four million new jobs to the economy over the next two years. From...