The parcel giant said it will offer voluntary buyouts to its full-time drivers as part of the largest company restructuring in its history.

United Parcel Service is offering buyouts to delivery drivers for the first time in its 117-year history. The company is seeking cost savings because of stagnant parcel volumes, rising labor costs and a long slump in the company’s stock price.

The United Parcel Service has announced that it is offering buyouts to full-time drivers as part of its execution of "the largest network reconfiguration" in the company's history.