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The state-owned enterprise last posted a profit in 2004. Ever since then its finances have been going on a downward spiral. In February last year, SAPO was placed under provisional liquidation. Following litigation by creditors, including landlords to whom the Post Office had failed to pay. In December last year, creditors Of SAPO voted and approved its business rescue plan. The plan sought to close 420 branches nationally and retrench 6 000 workers. In March this year the plan was put in motion leading to over 4 000 workers losing their jobs.
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