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Postal Service to begin closing plants this summer
WASHINGTON — The nearly bankrupt U.S. Postal Service is moving ahead with plans to close dozens of mail processing centers, saying on Thursday it can no longer wait as Congress remains deadlocked over how to help. At a news briefing, Postmaster General Patrick Donahoe said the agency’s mail processing network had simply become too big, […]
USPS stalls closure of urban stations
DES MOINES, Iowa — U.S. Postal Service spokesman Richard Watkins says the agency is stalling plans to close 600 urban and suburban postal branch offices and satellite stations. Watkin’s announcement Monday follows the agency’s decision last week to halt the planned shutdown of hundreds of rural post offices, saying they can remain open with shorter […]
Postal Service loses $3.2B in 2nd quarter
WASHINGTON — Drowning in red ink, the U.S. Postal Service on Thursday reported a quarterly loss of $3.2 billion and blamed Congress for blocking the agency’s cost-cutting efforts to offset declining mail volume and mounting costs for future retiree health benefits. From January to March, losses were $1 billion more than during the same period […]
Senate: Make it tougher to close post offices
WASHINGTON — A Senate bill aimed at saving the U.S. Postal Service would make it harder to close thousands of low-revenue post offices and end Saturday mail delivery, even though the struggling agency says those moves are just what’s needed to reduce its massive debt and become profitable again. The measure takes steps to help […]
Senate seeks ways to save ailing U.S. Postal Service
WASHINGTON — With big postal cuts looming, the Senate is deciding whether to stabilize the ailing U.S. Postal Service with a short-term cash infusion while delaying most decisions on closing post offices and ending Saturday mail delivery by requiring further review. The mail agency, teetering on the brink of bankruptcy, says it needs to begin […]
Post office near default? Losses mount to $5.1B
WASHINGTON — The U.S. Postal Service said Tuesday it has lost $5.1 billion in the past year, pushing it closer to imminent default on a multibillion-dollar payment and to future bankruptcy as the weak economy and increased Internet use drive down mail volume. The financial losses for the year ended Sept. 30 came despite deep […]
In financial crisis, post office turns to Congress
WASHINGTON — Postmaster General Patrick Donahoe warned that the Postal Service is on “the brink of default” as he battles to keep his agency solvent. Without legislation by Sept. 30, the agency “will default on a mandated $5.5 billion payment to the Treasury,” Donahoe told the Senate Homeland Security and Governmental Affairs Committee on Tuesday. […]
