Chrysler LLC notified all U.S. dealers on Thursday about its plans to eliminate 25 percent of its retail showrooms and is seeking permission from a U.S. bankruptcy court to terminate franchise agreements.

The automaker sought approval in a bankruptcy court filing to terminate franchise agreements with 789 of 3,181 dealerships as of June 9.

Chrysler, which filed for bankruptcy on April 30, and larger rival General Motors Corp have faced pressure to cut struggling dealerships to bring their large sales networks in line with those run by more successful automakers led by Toyota Motor Corp that has only 1,200 dealers.

Chrysler said 5O percent of its U.S. dealers account for 90 percent of overall sales, according to court documents.

The U.S. automaker said it would not repurchase any new vehicles, tools or parts inventory from terminated dealers but will assist in finding buyers for stock, according to a memo to dealers that was obtained by Reuters.

The jobs just continue to melt away.  Not only are the jobs for the people that work at the dealerships affected but so are many others that rely on the auto industry.  There will continue to be less need for suppliers, accessory stores, engineers, etc. and therefore those segments of the economy will also continue to decline.  

A zillion dollars to the banks and wall street, they got to pay out those bonuses some how.  God forbid that those people have to sell off one or even two of their investment properties.  That would be just too much to ask.  However, squeezing and squeezing the lower and middle classes is perfectly fine.  Afterall, when need to make sacrificies if we are going to see our country return to the glory days.  Just trust the elites, they have our best interests at heart.