General Motors Pulls Plug on Saturn
" A deal to save General Motor's Saturn brand fell through after the car dealership Penske Automotive Group unexpectedly abandoned a bid to buy Saturn, prompting GM to say it would shut the Saturn brand down.
In June, GM and Penske agreed to take over Saturn and related dealerships, although GM would produce the vehicles for a limited period of time.
Since Penske's canceled the plans to acquire the Saturn unit, GM said it will wind down the brand and its roughly 350 dealerships nationwide, potentially putting 13,000 Saturn dealership jobs on the line.
Penske's announcement comes nearly four months after they had agreed to buy the rights to the 19-year old Saturn brand from GM when the automaker was in bankruptcy.
Shares of the auto dealer Penske fell 10% after hours of the announcement."
via Wall Street Journal
Posted by Aleksandra
