Reid suffered the horrible injury in last Saturday's draw with Sheffield United at Bramall Lane and is now expected to be sidelined until the start of next season.
The unfortunate news comes shortly after James Meredith - Reid's usual partner in crime down City's left flank - was himself ruled out for at least two months with a broken bone in his foot.
Following the double blow of losing both Meredith and Reid recently to serious injury, Parkinson will now step up his efforts to try and bring in recruits down City's left wing.
Parkinson said: "We are all obviously devastated for Reidy.
"It is clearly a big blow to him and to us. It such a shame as he has worked so hard over the summer and into this season to improve his fitness and overcome the groin problems that were affecting him last season.
"We will give Kyel all the support and help he needs to get back out on the pitch as soon as possible.
"It was such an innocuous incident and it is just very unfortunate that it has led to this injury for Kyel. It is another injury blow for us - I've never know a situation like this before in my career in football.
"To lose him and Mez (James Meredith) clearly isn't ideal, they have formed such a great partnership for us down that left hand side, but we have to take it on the chin and look to bounce back.
"It is clear those two (Meredith and Reid) have worked well together for us over the last eighteen months or so. We’ve got to try and rectify that and make sure we are as effective down that side again.
"We need to look to address the holes in our squad caused by these injuries, especially down our left hand side.
"We are looking to recruit some more bodies into the squad but it isn't easy. There are many things to factor in, not just finances. We are trying though."
Unfortunately for City, Reid and Meredith aren't the only players within Parkinson's squad currently troubled by injury.
The Bantams still have a number of players occupying the treatment room at their Apperley Bridge training ground.
With City set for a free weekend due to Port Vale's involvement in the F.A Cup this Saturday, Parkinson hopes the extra couple of days before their next fixture - Preston North End at home in a week's time - will benefit his squad.
Parkinson added: "We’ve got to use this weekend to get some of the injuries right - it is the same situation as the last time we didn’t have a Saturday game really.
“Ollie McBurnie missed last Saturday with hamstring trouble and Raffa (De Vita) is still not ready to come back yet.
“Ricky (Ravenhill) has his ankle problem which he is coming back from and (Nathan) Doyley is not completely right as well. I know he came off the bench on Saturday but he’s been carrying a problem with his groin that we need to monitor.
"(Mark) Yeatesy will have an injection in a knee problem he’s been struggling with and Matty Taylor is another still not 100% either.
“There are definitely a number of things we’ve got to try and get cleared up leading up to the Preston game.”
Although news of recent injury problems haven't been helpful, one player within City's ranks is hopefully set to give the club a boost after spending the last few months on the sidelines.
Influential defender Andrew Davies will continue to step up his recovery from a long-standing knee problem this week and Parkinson remains hopeful that it won't be too long before the centre back is knocking on the door for a first team return.
Parkinson confirmed: "He is improving.
"We need to get a week of football training under his belt and see how he feels from there.
"His knee feels good and he is definitely getting closer but we need to make sure we don't rush him. He has been away from football for over three months now and we need to get his body back playing football again.
"We don't want to rush him back just to see him get another injury. It will definitely be a big boost to the squad when he comes back into contention for match selection."