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GM begins annual shutdown
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June 29, 1998: 8:22 a.m. ET
Strikes head into 25th day with no progress reported; benefits may be cut
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NEW YORK (CNNfn) - General Motors Corp. entered its annual two-week summer shutdown Monday after eight hours of talks over the weekend with the United Auto Workers union failed to settle the two strikes that have nearly crippled the auto maker.
Analyst James Irwin of Goldman Sachs & Co. said the walkouts could cost GM nearly a billion dollars in the second quarter.
Other analysts said they don't expect a quick end to the walkout and resulting layoffs, as GM isn't scheduled to begin production again until July 13 because of the annual shutdown.
Talks were set to resume Monday, just as GM said it would cut off health benefits to the 9,200 workers now on strike and may do so for those laid off as well.
More than 162,000 workers have been laid off as GM has shut down 26 of its 29 North American assembly plants.
The strike at the Flint Metal Center stamping plant entered its 25th day Monday. A second strike began at GM's Delphi East plant, which produces sparkplugs and instruments.
Shares of GM (GM), which were trading in a $75-a-share range a month ago, were off 1 at 66-7/8 Friday. 
--from staff and wire reports
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