GM to close Saturn as sale to Penske collapses
General Motors Co will close Saturn and wind down its dealership network after a deal to sell the faltering brand to Penske Automotive Group collapsed, the automaker said on Wednesday.
The breakdown of a deal that had been widely expected to close this week will force some 350 Saturn dealerships to shut down and could cut 13,000 U.S. jobs that would have been preserved under a plan by auto magnate Roger Penske.
Penske had been negotiating with Renault SA to acquire vehicles for the Saturn brand once a production agreement with GM had expired. Those talks collapsed, scuttling the Saturn acquisition by Penske.
original post: Reuters