PIN Group announces first unit closures
Insolvent German mail operator PIN Group announced the closure of a first unit in Germany and its subsidiary PIN West Mail, effective from March 1, 2008.
As much as 582 jobs are to be cut in two German cities, while the company has already cut some 680 jobs in different cities in Germany, said Bruno Kübler, financial administrator of the PIN Group holding company.
According to a report in the Financial Times Deutschland, PIN Group’s CEO is leading intense talks with investors over the sale of the whole group and the spokesman said there was still hope for a successful deal. A few days ago Kübler declared that the closure and insolvency of several PIN Group units did not rule out the possibility of a sale of the entire company later. The units could then be integrated and the laid-off employees could get their jobs back.
PIN Group employs around 9,000 at 91 sites across Germany. For the insolvency it has filed 37 of its units with a staff of 7,000. The insolvency payments at a dozen of the mentioned units will stop from the end of February 2008.
