Posts Tagged ‘US Postal service’

US Postal Service Launching Another Study

July 26, 2011

The Postal Service is launching a study of thousands of local post offices for possible closure in an effort to save money.

The cash-strapped agency, which lost $8 billion last year, scheduled a briefing for Tuesday at which it is expected to announce the action.

Most of the approximately 3,600 offices that face reviews are in rural areas, but postal official say they are looking into alternate service, such as locating offices in local businesses, town halls or community centers.

In those cases the so-called Village Post Office would replace one to be closed. Of the 1,400 offices announced for review in January, 620 are still in the review process and 300 will move to the new review list.

US Postal Service launches studies, reviewing processes, and making lists.

US Postal Service Loses $3.5B…. Health Care Plan Time Machine

August 6, 2010

WASHINGTON, Aug 5 (Reuters) – The U.S. Postal Service reported a quarterly net loss of $3.5 billion on Thursday and said it will likely have a cash shortfall going into 2011.

The agency, which delivers nearly half the world’s mail, has reported net losses in 14 of the last 16 fiscal quarters.

Revenue in the third quarter that ended June 30 fell $294 million to $16 billion from a year ago, while expenses were $789 million higher at $19.5 billion, due largely to higher workers’ compensation costs and retiree health benefits.

“Given current trends, we will not be able to pay all 2011 obligations,” said Joseph Corbett, the agency’s chief financial officer.

Snap shot of Health Care Plan time machine….