Royal Mail sale agreed by parent IDS, but it's not a done deal yet
The owner of Royal Mail has agreed to a £3.57bn ($4.55bn) takeover by Czech billionaire ...
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GM: GAUGING RISKGXO: NEW BOT PARTNERWMT: CAPEX IN CHECKWMT: CFO ON AUTOMATION WMT: SPOTLIGHT ON AUTOMATIONHD: PRESSURE BUILDSFWRD: REVISED EBITDA MAERSK: TESTING ONE-MONTH HIGHFDX: UP UP AND AWAYRXO: COYOTE DEAL TAILWINDDSV: NEW REFI DEALR: WEAKENING AMZN: LIFESTYLE BATTLEKNIN: EXPANDED NETWORK OF CROSS-DECK FACILITIES
CNBC reports that Royal Mail revealed plans on Friday to cut up to 6,000 jobs by next summer following a summer of strikes by postal workers in the U.K. “We will be starting the process of consulting on rightsizing the business in response to the impact of industrial action, delays in delivering agreed productivity improvements and lower parcel volumes,” Royal Mail parent company IDS said in a release.
“Based on current estimates, c.5,000-6,000 redundancies may be required by end of August 2023.”
The announcement was included in a trading update released today by the company – it can be found here.
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