The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Transportation / Storage Warehousing And Support Activities For Transportation, Postal And Courier Activities Postal And Courier Activities 53.1 - Postal activities under universal service obligation
592 jobs Number of planned job losses
Announcement Date
12 May 2022
Employment effect (start)
1 June 2022
Foreseen end date
30 November 2022
Description
The Lithuanian postal company Lietuvos Pastas is to dismiss around 592 employees in different Lithuanian regions by the end of November 2022. The company has already given notice of dismissal to employees working as letter and customer service professionals. Lietuvos Pastas is experiencing financial difficulties due to the decline in conventional postal services as customers are increasingly choosing alternative delivery methods. Furthermore, the abolition of a VAT exemption for parcels from non-EU countries negatively influenced the company's turnover. The flow of such deliveries fell by 64 percent in the second half of 2021. The company reported a net loss of €6.4 million in 2021. Around €800,000 will be spent on the dismissed employees' severance payments.
Lietuvos Pastas is the largest Lithuanian postal company, employing around 3,700 employees in different regions of Lithuania. The company owns 254 „PayPost“ divisions, 9 logistics centres and 285 LP Express self-service parcel terminals.
Eurofound (2022), Lietuvos Pastas, Internal restructuring in Lithuania, factsheet number 106835, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/106835.
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