City Link appointed administrators on Christmas Eve, temporarily suspending all operations over Christmas, citing continued “substantial losses over several years” and admitted it would be unable to accept new parcels due to the further losses it would incur. Administrators Ernst & Young’s (EY) also revealed that it had failed to identify a buyer for the company, despite putting it up for sale before the administration process had begun. A spokesman for EY told Motortransport.co.uk that: “No buyer has been identified […]
City Link parent Better Capital has revealed it will inject more money into the the parcel carrier in a bid to turn the loss-making business around.
Hermes has revealed that its ParcelShops have handled more than 870,000 parcels since the concept was introduced in June.
UPS and TNT Express have submitted remedies to the European Commission to address its competition concerns, extending the review period further. The submission extends the EC’s review period by 15 business days to 5 February 2013. The proposed remedies involve the sale of the business activities and its assets. UPS needs to ensure the long-term viability of these activities and the continuity of service already provided by TNT Express. In order to receive approval, the EC will market-test the remedies. […]