OBAMA STIMULUS WATCH:"GM notifies 1,100 dealers they're Out..."

General Motors notified 1,100 of its 6,000 dealerships Friday that it is terminating their contracts with the struggling automaker, the first step in cutting up to 40% of its retail network.
GM spokeswoman Susan Garontakos said that the dealers receiving notice Friday are being told that their contracts will not be renewed in October 2010. Many of them are expected to close shop this year.The company has told the Obama administration that it plans to cut its network down to 3,600 dealers by next year...