Springer to write down 600 mln eur on PIN
German publisher Axel Springer SPRGn.DE is preparing around 600 million euros (USD 873.4 million) in writedowns for its mail-delivery unit PIN Group, the Financial Times Deutschland newspaper reported on Monday.
Citing unidentified company sources, the paper reported that Springer plans to close PIN before the end of the year because it lacks some 15 million euros (USD 21.8 million) for expenses such as wages, the paper reported.
Springer did not immediately return two calls from Reuters.
The publisher said last week it is sounding out options for the future of PIN after announcing it plans to cut more than 1,000 jobs in Germany because of a planned minimum wage in Germany for postal delivery workers.
