The Associated Press citing unnamed sources says General Motors (GM) will close most of its U.S. factories this summer.
With the company about to default on its debt, closing the factories makes sense. The other reason for closing the factories is that nobody is purchasing new cars, and inventories are building up. (So much for protecting the workers at GM through an orderly bankruptcy.)
There is no word on when the closings might start.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.