LONDON (AP) – Administrators of City Link, the collapsed British parcel delivery firm, say more than 2 300 people are losing their jobs after a bid to buy the business fell through.
The company, based in Coventry, central England, announced a week ago that it was going into administration, a form of bankruptcy.
The employees’ union called the timing, at Christmas, “disgraceful” and said workers were being treated in a brutal, callous fashion.
Today administrators Ernst & Young said an offer from a consortium to buy the firm “offered no money up front and significantly undervalued the assets to be acquired”.
They said 2 356 employees had been laid off, while 317 were being retained to deal with remaining parcels and help wind down the business.
