GM to Close U.S. Factories for the Summer

There are various media reports that GM will shut down all of it's U.S. plants for the summer, or 9 weeks.

General Motors Corp. is planning to temporarily close most of its U.S. factories for up to nine weeks this summer because of slumping sales and growing inventories of unsold vehicles, three people briefed on the plan said Wednesday.

Analysts say the company could be seeing sales decline because of talk about a potential bankruptcy.

The exact dates of the closures are not known, but the people said they will occur around the normal two-week shutdown in July when changes are made from one model year to the next. None of the people wanted to be identified because workers have not yet been told of the shutdowns.

It is also reported GM will miss it's $1 billion dollar loan payment.