Postal workers in the UK launch Black Friday strike as industrial action sweeps the country [CNBC]
INTERNATIONAL DIST U/ADR (ROYMY)
NASDAQ:AMEX Investor Relations:
royalmailgroup.com/investor-centre
Company Research
Source: CNBC
Leaders of the trade union, which represents around 115,000 striking postal workers, re-entered negotiations with Royal Mail executives early last month , with talks now having spanned seven months. However, Royal Mail Group — recently renamed International Distributions Services on the London Stock Exchange — said in a statement Wednesday that it had tabled its “best and final offer” and accused the union of “holding Christmas to ransom.” The CWU has announced 10 further days of strike action up until Christmas Eve, of which four have been formally notified, with the last falling on Dec. 1. In October, Royal Mail revealed plans to cut up to 10,000 jobs by next summer and posted a half-year adjusted operating loss of £219 million ($265.3 million), and CEO Simon Thompson said the strikes had already added £100 million to the company's losses so far this year. IDS shares have fallen more than 58% since the start of the year. “In a materially loss-making company, with every addi
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