Total Express closes its doors and blames Correios
Total Express, the logistics and delivery company owned by the investment funds GP and J.P. Morgan has gone out of business. Although the company had acquired some weighty clients, it says that it was not able to compete with ‘predatory’ competition from the Correios, the Brazilian postal system, in particular its e-Sedex division, which drew away clients with rates described by Total Express as below cost. The company’s 300 employees will be laid off and 60 contracts cancelled.
