GM announced today that the planned sale of Saab Automobile to Dutch sports car manufacturer Spyker will not come through and that they will begin shutting down the legendary Swedish car manufacturer for good.

Sweden’s minister of commerce, Maud Olofsson commented on the decision by saying that “it is a very depressing decision for all of the employees and it that comes at the worst moment in time possible.”

The chairman of GM Europe says in a statement on the company’s website that Saab has not gone bankrupt and assumes that the company will be able to pay all its debts before shutting down all operations. Saab will also continue to supply Saab owners around the world with spare parts and services.

As many as 8,000 Saab employees and its sub contractors in Sweden are likely to loose their jobs as a consequence of the shutdown.

Saab was formed in 1937 and today’s decision to shut it down marks the end of a significant cornerstone in Swedish industrial history.