LONDON (AP) - Administrators of City Link, the collapsed British parcel delivery firm, say more than 2,300 people are losing their jobs after a bid to buy the business fell through.

LONDON (AP) Administrators of City Link, the collapsed British parcel delivery firm, say more than 2,300 people are losing their jobs after a bid to buy the business fell through.

The company, based in Coventry, central England, announced a week ago that it was going into administration, a form of bankruptcy.

The employees' union called the timing, at Christmas, "disgraceful" and said workers were being treated in a brutal, callous fashion.

On Wednesday administrators Ernst & Young said an offer from a consortium to buy the firm "offered no money up front and significantly undervalued the assets to be acquired."

They said 2,356 employees had been laid off, while 317 were being retained to deal with remaining parcels and help wind down the business.