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yesterday

Correios Unveils Recovery Plan With 1,000 Closures, 15,000 Job Cuts by 2027

Management pairs deep cuts with new financing to stabilize the state operator’s finances.

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Plano de recuperação foi anunciado pelo presidente dos Correios, Emmanoel Rondon.

Overview

  • Brazil’s postal company reported about R$6 billion in losses through September 2025, prompting a multi‑year restructuring.
  • A R$12 billion, government‑guaranteed loan from five banks will restore liquidity, sustain operations, and address overdue obligations through early 2026.
  • President Emmanoel Rondon said the company may seek roughly R$8 billion more in 2026, evaluating either new credit or a potential Treasury injection.
  • The plan targets R$5 billion in expense reductions by 2028, including expected savings of R$2.1 billion from closing deficit agencies and about R$2.1 billion per year from personnel changes.
  • Two voluntary redundancy programs and cuts to health and pension contributions are planned, and branch closures will be weighed against the universal postal service mandate.