Top French courier files for bankruptcy
Paris, November 23, 2013
France's second largest courier company filed for bankruptcy protection yesterday due to financial troubles in a move unions say could cost up to 7,000 jobs in the sector, adding to unemployment woes facing President Francois Hollande.
Mory-Ducros, born last January from the merger of Mory and Ducros Express, said the filing would allow it to restructure following heavy financial losses incurred over the past 18 months. It employs 5,200 workers directly.
The announcement of a major bankruptcy amid unemployment already above 11 per cent adds to Hollande's difficulties as the Socialist leader tries to fulfil a promise of reversing rising joblessness by year-end.
The CFDT union said up to 7,000 jobs in total were threatened at Mory-Ducros and its suppliers.-Reuters