News / 1,700 more redundancies as Japan Post pays the price for costly Toll takeover

Toll Holdings is to make a further 1,700 staff redundant, after owner Japan Post Holdings yesterday announced its first annual net loss in a decade, estimated at ¥40bn (US$363m).

Japan Post, which acquired Toll in May 2015 for $5.1bn, is expected to book an impairment loss of ¥400bn, for the year ending March 31.

The company had originally forecast a ¥320bn profit for the year and, at the time of the takeover, promised no major job losses.

The company said the financial results of ...