Canada Post lost nearly $750M last year, future now uncertain
It's hard to imagine Canada without Canada Post, a company that has existed for 157 years. But there are serious questions raised about the survival of the Crown Corporation, as top executives held their annual general meeting this week and offered a bleak outlook. The chair of the board warned the postal service is at a “critical juncture” and that its financial situation is “unsustainable,” having lost nearly $750 million last year. “Significant change is urgently needed,” said Andre Hudon, the Canada Post board chair. Last May, it hiked the price on stamps from seven cents for a booklet to just under a dollar. But most of its revenue comes from parcel delivery, which is struggling as the Crown Corporation attempts to compete against companies offering cheaper services seven days a week. “You can't keep losing this money forever. And by my calculations, Canada Post starts to run out of cash by June of 2025,” said McMaster University marketing associate professor Marvin Ryder. Global’s Touria Izri explains. For more info, please go to https://globalnews.ca/news/10725557/canada-post-survival-future-government/ Subscribe to Global News Channel HERE: http://bit.ly/20fcXDc Like Global News on Facebook HERE: http://bit.ly/255GMJQ Follow Global News on X HERE: http://bit.ly/1Toz8mt Follow Global News on Instagram HERE: https://bit.ly/2QZaZIB #GlobalNews #CanadaPost #Canada
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Channel: Global News
It's hard to imagine Canada without Canada Post, a company that has existed for 157 years. But there are serious questions raised about the survival of the Crown Corporation, as top executives held their annual general meeting this week and offered a bleak outlook.
The chair of the board warned the postal service is at a “critical juncture” and that its financial situation is “unsustainable,” having lost nearly $750 million last year. “Significant change is urgently needed,” said Andre Hudon, the Canada Post board chair.
Last May, it hiked the price on stamps from seven cents for a booklet to just under a dollar. But most of its revenue comes from parcel delivery, which is struggling as the Crown Corporation attempts to compete against companies offering cheaper services seven days a week.
“You can't keep losing this money forever. And by my calculations, Canada Post starts to run out of cash by June of 2025,” said McMaster University marketing associate professor Marvin Ryder.
Global’s Touria Izri explains.
For more info, please go to https://globalnews.ca/news/10725557/canada-post-survival-future-government/
Subscribe to Global News Channel HERE: http://bit.ly/20fcXDc
Like Global News on Facebook HERE: http://bit.ly/255GMJQ
Follow Global News on X HERE: http://bit.ly/1Toz8mt
Follow Global News on Instagram HERE: https://bit.ly/2QZaZIB
#GlobalNews #CanadaPost #Canada
Video length: 2:11
Category: News & Politics
419 comments
Channel: Global News
It's hard to imagine Canada without Canada Post, a company that has existed for 157 years. But there are serious questions raised about the survival of the Crown Corporation, as top executives held their annual general meeting this week and offered a bleak outlook.
The chair of the board warned the postal service is at a “critical juncture” and that its financial situation is “unsustainable,” having lost nearly $750 million last year. “Significant change is urgently needed,” said Andre Hudon, the Canada Post board chair.
Last May, it hiked the price on stamps from seven cents for a booklet to just under a dollar. But most of its revenue comes from parcel delivery, which is struggling as the Crown Corporation attempts to compete against companies offering cheaper services seven days a week.
“You can't keep losing this money forever. And by my calculations, Canada Post starts to run out of cash by June of 2025,” said McMaster University marketing associate professor Marvin Ryder.
Global’s Touria Izri explains.
For more info, please go to https://globalnews.ca/news/10725557/canada-post-survival-future-government/
Subscribe to Global News Channel HERE: http://bit.ly/20fcXDc
Like Global News on Facebook HERE: http://bit.ly/255GMJQ
Follow Global News on X HERE: http://bit.ly/1Toz8mt
Follow Global News on Instagram HERE: https://bit.ly/2QZaZIB
#GlobalNews #CanadaPost #Canada
Video length: 2:11
Category: News & Politics
419 comments
