PIN Group to cut jobs at insolvent units in coming weeks (GER)

PIN Group said it will cut jobs at most of its 37 insolvent units in coming weeks, without being more specific.

PIN Group’s insolvent units have a workforce of about 7,000 people.

German publishing group Axel Springer AG in December stopped funding PIN Group, after the German government decided to introduce minimum wages to the postal industry.

Insolvency administrator Bruno Kuebler today brushed off media speculation that the company may be split up, saying the company still aims to find investors for the group as a whole or as many parts as possible.

But he cautioned that an end to talks with possible investors is not yet in sight. There are many interested parties, he said, without being more specific.

PIN Group said it will cut jobs at most of its 37 insolvent units in coming weeks, without being more specific.

PIN Group’s insolvent units have a workforce of about 7,000 people.

German publishing group Axel Springer AG in December stopped funding PIN Group, after the German government decided to introduce minimum wages to the postal industry.

Insolvency administrator Bruno Kuebler today brushed off media speculation that the company may be split up, saying the company still aims to find investors for the group as a whole or as many parts as possible.

But he cautioned that an end to talks with possible investors is not yet in sight. There are many interested parties, he said, without being more specific.