General Motors Corp. will eliminate nearly 20 percent of its dealership in a cost-cutting move to stave off bankruptcy. The auto maker began notifying 1,100 of its dealers that franchise contracts would not be renewed. The notifications come a day after Chrysler announced it was closing more than 700 dealerships, including three in the San Fernando Valley. The move is expected to be one of several by GM, the Los Angeles Times reported. In a restructuring plan, GM said it would cull 2,600 of its 5,969 dealers by late 2010 as it attempts to return to viability and avoid bankruptcy, the Times reported. Details of GM’s plans for dealers are not yet known, but the automaker is expected to offer to repurchase their inventories, parts and signage, although it will not offer them cash settlements, the Times reported.