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Chrysler to Shut Factories for a Month to conserve cash and avoid bankruptcy

 Chrysler said Wednesday that it would close all 30 of its factories for at least one month, starting at the end of this week, in response to plunging vehicle sales in the United States.
The company said the plants, which employ 46,000 union workers, would resume production no sooner than Jan. 19. Some will remain closed for several more weeks. Normally, the Detroit automakers close their plants for about two weeks at the end of the year.
The company, the third-largest U.S. automaker, said in a statement that it is taking the action to bring its inventories more into line with reduced U.S. demand for new cars and trucks. It blamed its current difficulties largely on customers' inability to obtain financing to purchase new vehicles and said tight credit markets were discouraging would-be buyers.
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