GM has been a staple in Detroit’s economy since 1996. The world headquarters came there and set up shop in the nicest building the city has to offer, the Renaissance center, for over $600 million. But, it appears that the monies the company thought it was living high off the hog on, ran out.
The employees are probably frightened and sitting on pins and needles wondering when the big announcement will be made: GM Goes Belly Up! Has to File Bankruptcy. And looking at the reports, the CEO, Fritz Henderson, says it is pretty much inevitable. If GM does move out of the D, what cities would throw out the ol’ red carpet to the automotive behemoth? Certainly not Chicago, too much of the same…more cold and buying the Sears Tower for their office space is out of the question.
Read here to see just how much trouble GM is in.