And while such discussions between the government and the U.S. automaker is ongoing,... situations for the locals in Gunsan,... is looking bad.
Today we look at the depressing impact following the decision by GM last week.
It's a grim new reality for Gunsan.
Many were already struggling, but now they are likely going to go under... if the U.S. auto giant makes good on its pullout decision.
If a compromise is not reached with the South Korean government,... the shutdown is projected to affect 50-thousand people -- the 15-thousand employees, first-and-second-tier suppliers as well as their families and other residents in the small city on Korea's western coast.
Fifty-thousand people accounts for a fifth of the city's quarter-million population.
Gunsan has had a rough time of it of late... with Hyundai Heavy Industries shutting down its shipyard in the city just last year.
"The GM facility accounts for nearly six-and-a-half percent of Jeollabuk-do Province's economic output. Its departure would be even worse for this region than Hyundai leaving."
The bus drivers that ferry the GM workers to and from the factory say they are already looking for new jobs.
"There's no way out. I have kids to support and debts to pay. I don't know what I'm going to do."
And it doesn't end there.
"This relatively small industrial town is racked with uncertainty,… over fears the economy will turn south due to thousands of people losing their jobs."
Nearby shops and restaurants that mostly cater to GM workers are either slashing their operating hours or even just closing altogether.
The property market is in the doldrums as well,... newly-built residential buildings sit vacant and have done so for weeks, months even.
Responding to the crisis,... President Moon Jae-in has ordered the government to designate Gunsan as an "employment crisis area," calling for urgent measures to help local residents.
The move comes as GM and government officials in Seoul continue to try and thrash out a deal to save the factory.
However,... the city of Gunsan -- with its run-down buildings and empty streets -- will need more than just a quick fix.
The residents here are desperate for a long-term solution to help them overcome their economic woes.
