The administrators of courier firm City Link have announced 2,356 job losses after a bid to buy the company failed.
Many workers found out about the firm's collapse on Christmas Day and had been warned to expect "substantial redundancies".
Announcing the job losses on New Year's Eve, the administrators at EY said an offer that was made for City Link had not been acceptable.
The bid, made by a consortium, "offered no money up front and significantly undervalued the assets to be acquired", the administrators said.
They said: "The administrators proposed an alternative structure that would be acceptable and common in these situations.
"The consortium, despite attempts to make them reconsider, declined to amend their original offer."
Coventry, where the firm has its head office, faces the highest number of redundancies, with 350 jobs lost.
There have also been more than 100 job losses in Hatfield, Heathrow and Warrington.
The administrators said 371 people have been retained to deal with remaining parcels and to help with winding down its operations.
Hunter Kelly, joint administrator of City Link Limited, said: "The company endured substantial losses, which ultimately became too great for it to continue as a going concern, and City Link Limited entered administration following an unsuccessful sale process."
RMT union general secretary Mick Cash said: "The confirmation from the administrators that they have just sacked 2,400 staff and are pulling the plug on any efforts to save City Link is a disgraceful and cynical betrayal that will wreck the lives of our members, many of whom are owed thousands of pounds.
"RMT does not believe that those pulling the strings had any interest in saving this business and were happy to cut and run leaving a trail of human misery in their wake.
"The City Link collapse has blown the lid off the cosy relationship between bandit capitalism and the political elite."
Business Secretary Vince Cable said: "This is very sad news for the City Link workers and their families at a particularly difficult time of year.
"The Government has put arrangements in place to help employees who are made redundant and we stand ready to help."
Around 30,000 parcels are waiting to be collected from City Link depots.
Administrators say they expect depots to remain open until "approximately" 6 January.
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