MAINBOARD-LISTED mailman Singapore Post will sell off its struggling e-commerce units in the United States, in a board decision that was announced on Wednesday.
SingPost had called the US businesses"underperforming" in financial statements released in February 2019, and warned at the time of a risk of impairment to the units' book value. Current CEO Paul Coutts, who joined in mid-2017, told BT later that year that a disposal of TradeGlobal was not on the cards, as SingPost was"on track" with its turnaround plan for the US operations.
The segment most recently recorded an operating loss of S$13.4 million, or nearly three times as much as in the same period the year before, for the three months to Dec 31, 2018,"largely due to the US businesses", SingPost said in its third-quarter statements.It had previously been reported that Cincinnati-based TradeGlobal laid off more than 110 workers in 2017, after a major customer in the fashion retail industry filed for bankruptcy.
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