Consignia says facing financial crisis; 'drastic' action needed
Consignia, formerly known as the Post Office, said it is facing a financial crisis and will need to cut its cost base by 15 pct or 1.2 bln stg by March 2003, according to an internal memo.
The document, leaked to the Communication Workers Union, admits Consignia is moving into a loss again for only the second time in 18 years and unless “drastic action” is taken the group “will fail as a business not just this year but in following years”.
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