Logistics company Time Freight, on Thursday, announced a decision to commence with consultations process which could lead to shut down. In a statement sent to employees, the company says the move was not an easy one to reach and was further exacerbated by the impact of COVID-19.
“The simple fact is that the impact of COVID-19 has materially damaged the future prospects of the business. You are all aware that Time Freight was already trading below expectations given the poor performance of the South African economy, the changing nature of our customer base, and the intense competitiveness from low cost operators in our market. COVID-19 is a further impact that we do not believe the company can withstand,” reads the statement in part.
The company says it is aware of the impact the decision will have on its employees’ livelihoods.
Laser Group CEO, Iain Johnson has moved on to assure employees affected by the decision of their support, however necessary.
“At this stage, there is little I can say to alleviate the feelings you will be having. All I can say is that I am genuinely sorry that we have reached this point. Everyone has been working around the clock to find alternative ways to avoid this outcome, but unfortunately, it seems that the advent of COVID-19 is just a bridge too far for us to deal with,” says Johnson.
Below is the full letter:
Source: SABC News (sabcnews.com)