Post Office busines rescue plan approved

JOHANNESBURG - A business rescue plan for a restructured Post Office has been approved.

The struggling entity was placed into business rescue by the High Court in July.

The two-phase plan will stretch over a two- to five-year period.

It will involve stabilising the business and retrenching 6,000 of the Post Office's 11,000 employees.

More than 400 loss-making branches will be closed.

A focus will also be on improving service delivery and increasing fleet to deliver letters and parcels within a reasonable time frame.

The second phase of the plan will involve providing hybrid mail extensions, and new motor licence-disc solutions.