Royal Mail is seeking to reduce its commitment to letter deliveries as an estimated £70m impact from strike action is blamed for plunging its parent firm into the red
The union has threatened further walkouts in the run-up to the core Christmas season.
IDS said it still expected a full-year adjusted operating loss for Royal Mail of between £350m-£450m.Keith Williams, non-executive chairman of IDS, said:"We are now heading in a clear direction in light of the substantial losses in Royal Mail. "Accordingly, we have started to implement the change needed to rightsize Royal Mail which will ensure that it is both better placed to serve our customers' needs in parcels, as well as letters, bring it back to profitability and provide a sustainable future.
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