CTV News has learned that Ponoka's Chevy dealership will close in part of General Motors restructuring plans.

For now the dealership remains open for business, but it has been told it is not in GM's long-term plans.

In a town of about 6,300 people, the dealership is only one of three in the area. The timing of the closure with the unstable economy could make times even more difficult for residents in the community.

"Jobs are lost and businesses are lost and it will impact families," said Ponoka Town Councillor Doug Gill.

There are 20 employees who work at the dealership.

Earlier this week, GM Canada said 245 dealerships will be shut down in part of the massive restructuring plan.

In Edmonton, dealerships have been playing the waiting game, looking out for an e-mail that will tell them whether or not they are part of the restructuring plan.

Gerry Lorente with Southgate Pontiac Buick GMC said he would be surprised if any of the 12 metro Edmonton dealers are among the hundreds of dealerships said to be closed.

"For the most part, we're not really that concerned, we live in a great province, a great city, we're the City of Champions, we do well in our industry, we always have in edmonton," said Lorente. "The guys who are making the decisions are smart guys from General Motors."

Industry insiders said some dealers who get notified of the closure will be given a week to accept a compensation offer.

The company said the cutbacks were part of its "more aggressive operating plan" brought on by heavy pressure from the federal and Ontario governments.

GM said it wants to close the dealerships "in an orderly, cost-effective and customer-friendly way."

With files from Joel Gotlib