The price of quitting the auto business came high for the hapless Studebaker Corp. Last week President Byers A. Burlingame reported that closing down its South Bend auto plant (TIME, Dec. 20) cost the company $64 million for canceling contracts, writing off inventories, paying workers' severance and losses on plant and equipment. Result: after earning $489,500 in 1962, the company rode in with a $16.9 mil lion loss for 1963.
Studebaker, which now makes cars only in Hamilton, Ont., is also trying to sell off its South Bend truck plant.
In the U.S....
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