General Motors (GM) may shut down its bankrupt unit, Saab, as it does not expect to find new buyers for it. Swedish company Koenigsegg Group AB, which had earlier decided to buy Saab, recently cancelled the acquisition. GM will now either keep the brand, or shut it down completely. Industry experts feel that closing Saab will not impact GM negatively, as Saab does not contribute much to GM in terms of technology and there is little synergy between the two.

GM’s restructuring plans include reducing its US brands from 8 to 4 and to continue working on returning to profit. Closing Saab may lead to a loss of jobs, but it will not be an impediment to GM reaching its targets. GM CEO Fritz Henderson said that the company would take some time to assess the situation and decide on its next steps. A final decision is expected to be taken at the company’s board meeting on December 1. Henderson also said that he was disappointed with Koenigsegg’s decision to pull out of the deal.

This is the GM’s third brand sale that has failed to work out after Penske Automotive pulled out of a plan to buy Saturn, and the Opel sale to Magna International was cancelled.