Canada Post’s financial situation ‘unsustainable’: board chair

The chair of the board for Canada Post is issuing a dire warning about the future of the mail service.

Chair André Hudon warns it’s financial situation is unsustainable.

Hudon says the postal service is as a critical juncture, and a significant change is needed to preserve the delivery network.

Canada Post reported a second-quarter profit of $46 million, as a one-time sale of subsidiaries offset losses of $269 million.

Hudon says the increase in popularity of online shopping during the pandemic reshaped the parcel delivery market, which has made it hard for Canada Post to match high-tech, low-cost competitors.

He also says the company is working hard to deliver new services in order to make Canada Post more competitive, as the e-commerce industry continues to boom.

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