Canada Post Inc. is selling off its third-party logistics business to a Montreal company, according to a media release Tuesday from the Crown corporation.
Canada Post recorded a $290 million loss in the third quarter of 2023, while its cost of operations rose by $26 million.
Services don’t lose money, services are performed and they cost what they cost.
Yeah that’s insane. Canada Post isn’t supposed to make money.
Wtf, CBC… You’re both crown corps…
“CBC recorded a $xxx million loss” would be an equally stupid thing to say… These are gov’t services to citizens
This mirrors the enshittification of the USPS almost exactly.
It’s getting hard to keep track of the current letters in-flight to our local representatives and just what half-assed response they’ve given if any.
If a company agrees to buy the business, then it means it has value for them. If that’s the case, why can Canada Post not derive value from SCI, but Metro can? Also, what will they do with the money they earned - will they reinvest it in growing services that are highly in demand?
They’re gonna spend the money on a 3rd party logistics company that doesn’t provide as good a service and ends up costing them 10x what they sold this for in yearly fees, delays, excess fuel usage etc. over a decade
The private company doesn’t have to worry about fair pay or safety
And the privatization of Canada continues.
