CNN reports that Chrysler will be closing down 789 dealerships - 25% of the comapany's total dealerships. They have already sent out overnight letters to the dealerships by UPS.
"It is with a sense of profound sadness that we must take these steps and reject some of our dealer sales and service contracts," Chrysler said in letters delivered overnight by UPS to the dealerships, "But it is a neccessary step."
The letters began arriving Thursday morning.
Chrysler had a total of 3,181 authorized dealers in operation at the time of its April 30 bankruptcy court filing, according to court filings. Just over half of that number accounted for more than 90% of Chrysler sales, according to the filing.
The dealers being shut down represent 14% of Chrysler's total sales, the carmaker said.
Some of these dealerships will be forced to lay off employees or close. The article says 44% of the dealerships sell vehicles other than Chrysler vehicles.
CNN 
