Post rescue bid to cut 1,450 jobs

AN POST outlined a rescue plan yesterday that will see 1,450 jobs go over the next two years at the stricken semi-state company.

Chief executive Donal Curtin said the company was facing an unsustainable financial situation with the company’s core post office business losing nearly 1m a week this year.

An Post yesterday forecast that it would make losses of 47m this year from the slowdown in letter post growth due to economic deterioration and the increased use of email, combined with its own extremely high cost base. It is also facing a loss of nearly 25 million in 2004.