General Motors, once a dominant American automobile manufacturer, filed for bankruptcy in 2008 with $173 billion in debt after decades of slow adaptation to foreign competition, changing consumer preferences, and accumulated labor costs, demonstrating how established corporations can face existential threats when they fail to evolve with market dynamics and face external economic shocks.
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General Motors: How Bankruptcy Changed EverythingAdded:
By the mid-2000s, General Motors was in serious trouble.
The company that had once seemed permanently embedded in American life had been slow to respond to foreign competition, slow to adapt to changing tastes, and had accumulated crushing debt and labor costs over decades.
In 2008, the global financial crisis pushed it to the edge.
General Motors filed for bankruptcy, [music] reporting roughly $173 billion in debt.
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