Volkswagen is cancelling a no-layoffs pledge and won't rule out closing plants in Germany

Volkswagen says it's not getting the cost reductions that it needs - and won't rule out plant closings in its home country Germany. CEO Oliver Blume is also saying the company is cancelling its job protection promise in effect since 1994 which bars layoffs through 2029. Germany's industrial union and VW's top employee representative have sharply criticized the possibility.