Many jobs to go at bankrupt postal group PIN

Post by **TrueBlueTerrier** » 06 Apr 2008, 13:14

http://www.reuters.com/article/rbssTech ... 3520080406

FRANKFURT, April 6 (Reuters) - Bankrupt German postal services group PIN, which once employed 11,500 staff, will lose more than one in two jobs, insolvency administrator Andreas Ringstmeier said on Saturday.

"Maybe at the end we'll have 5,000, if things go well," he told Reuters. "It was clear from the beginning that we would lose a lot of jobs but not that it would be so dramatic."

He said about 1,800 jobs had been secured so far.

Publisher Axel Springer which bought PIN for 510 million euros ($801 million) from Dutch mail group TNT last year, called in the administrator, having decided it could not compete against German incumbent Deutsche Post after a minimum wage was imposed on the sector.

Ringstmeister said a few of PIN's businesses had been closed down or sold off individually but expressed scepticism that the majority of the business would be sold to a single buyer. (Reporting by Alexander Huebner; Editing by Paul Bolding and Teebs)