Canada Post financial situation is unsustainable [Video]

OTTAWA –

The chair of Canada Post’s board says the organization’s financial situation is unsustainable.

“The board and senior management recognize that Canada Post is at a critical juncture,” said Andre Hudon at its annual general meeting on Wednesday.

“Significant change is urgently needed to preserve Canada Post’s delivery network, which is vital because it’s the only delivery network built to serve all Canadians.”

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The surge in online shopping during the COVID-19 pandemic reshaped the parcel delivery market, and Canada Post is competing with “high-tech, low-cost operators who are rapidly and relentlessly evolving,” Hudon said.

He said the organization has already taken some steps to try and address these challenges, including pausing some investments to concentrate on core priorities and reducing costs at all levels.

Hudon said the company has been working hard to deliver new services …