News Today - May 15

* Chrysler is closing 789 dealerships, or roughly 25 percent of the current number, according to a plan filed in bankruptcy court today. CNNMoney reports that Chrysler had 3,181 dealers at the time of its April 30 bankruptcy court filing. "I feel like I'm on death row," said Aaron Beecher, whose dealership near New York is on the list to be cut. full story

* Japan’s much-watched core machinery orders fall in March, reversing an expansion in the previous month though by a less-than-expected margin, while wholesale prices post a sharp April drop.

* The Sony Corp. announced net losses of $1 billion for the fiscal year ending March 31, ending a year in the red for the first time in 14 years.The company announced plans to reduce plants worldwide to 49 from 57, including four factories in Japan.

* General Motors said Thursday night, it would most likely pursue the same legal strategy as Chrysler if it spirals into bankruptcy, while Chrysler unveiled details for slashing its dealer network.

* New jobless claims rose more than expected last week due partly to an increase in layoffs by the automobile industry, while the number of people continuing to receive unemployment benefits set a record for the 15th straight week. The Labor Department said on Thursday that the number of new claims rose to a seasonally adjusted 637,000, from a revised 605,000 in the previous week. That's above analysts' expectations of 610,000.