A Year for the (Record) Books in Publishing (publishersweekly.com)

In a Form 8-K filed with the Securities and Exchange Commission on April 1, 2024, FedEx Corporation announced the agreement between FedEx Express and the United States Postal Service (“USPS”) for domestic transportation services will expire by its terms on September 29, 2024. This decision was made on March 29, 2024, following extensive discussions. FedEx and the United States Postal Service have had a long and productive relationship for more than 20 years. Over time, our respective strategies have shifted as we transform our networks and operations for the future. We have long said we would extend the contract with the USPS if we could agree to commercial terms in the best interests of FedEx shareholders. Although we were unable to reach mutually agreeable terms, we remain committed to delivering outstanding service through the completion of our contract in September.

First quarter-to-date service performance scores covering the period Oct. 1 through Nov. 26 included: *First-Class Mail: 91.1 percent of First-Class Mail delivered on time against the USPS service standard, an improvement of 2.6 percentage points from the fourth quarter. *Marketing Mail: 92.4 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fourth quarter. *Periodicals: 83.4 percent of Periodicals delivered on time against the USPS service standard, an improvement of .6 percentage points from the fourth quarter. The Postal Service anticipates that between 850 million and 950 million packages will be delivered for the holidays. The total number of letters, cards and packages processed and delivered between Thanksgiving and New Year’s Day is estimated to be more than 12 billion.

J. C. Penney Company, Inc. announced that it is aligning its workforce with its store optimization strategy and reduced store footprint. JCPenney has identified 152 store closures following a comprehensive evaluation of store performance and strategic fit for the Company and is having ongoing productive negotiations with landlords. The announcement follows a lengthy, structured, and thoughtful decision-making process. In connection with this organizational realignment, the Company will reduce its workforce by approximately 1,000 corporate, field management, and international positions. This organizational restructuring will create a smaller, more financially flexible company, and will help ensure JCPenney emerges from both Chapter 11 and the Coronavirus (COVID-19) pandemic as an even stronger retailer.