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Chrysler announces a massive layoff of 5,000 of its workers or 25% of its workforce.  The struggling automaker said Friday that it is forced to downsize while continuing to seek a buyer.

Under the job cuts announced Friday, Chrysler, which has a total of 18,500 white-collar workers, will eliminate about 5,000 salaried employees and contract workers — those who work for other companies under contract with the automaker.

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