Saturn to Shut Down as Penske Deal Collapses

By John Johnson,  Newser Staff
Posted Sep 30, 2009 4:08 PM CDT
Saturn to Shut Down as Penske Deal Collapses
The Saturn logo at a dealership.   (AP Photo/Eric Gay, File)

Saturn's hopes of a life after GM ended today when a deal to sell the brand to Penske Automotive fell through. GM said it will now begin shutting down manufacturing and dealership operations. Penske canceled the deal—which could have saved about 13,000 jobs—because it couldn't swing an agreement with an unnamed third party to supply vehicles, reports the Detroit Free Press.

“Without that agreement, the company has determined that the risks and uncertainties related to the availability of future products prohibit the company from moving forward with this transaction," said a Penske statement.
(More Saturn stories.)

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