March 25 at 6:26 a.m.
Filed under:
Government,
Transportation
By Dow Jones Newswires-Wall Street Journal
(Paul J. Richards/AFP/Getty Images)
The U.S. Postal Service will cut 7,500 managers and shut the Carol Stream and six other district offices, responding to record losses and declining mail volume as more people communicate by e-mail and texts and pay bills online. The reduction in postmasters, supervisors and other employees represents a 20 percent cut in middle-management jobs — people not involved in actual physical moving of mail.
The cuts come as part of the agency’s previously disclosed plan to close as many as 2,000 post offices and consolidate regional mail-processing centers in the next 12 months. Get the full story »
Feb. 9 at 12:51 p.m.
Filed under:
Transportation
By CNN
The U.S. Postal Service warned Wednesday that it may default on some of its financial obligations later this year after reporting yet another quarterly loss.
The USPS, a self-supporting government agency that receives no tax dollars, said it suffered a loss of $329 million in the first quarter of the federal fiscal year 2011. That compares with a loss of $297 million a year ago. Get the full story »
By Mary Ellen Podmolik
The U.S. Postal Service plans to sell its downtown Naperville facility and lease a substantially smaller space in the 70-year-old building.
Naperville Bank & Trust, a subsidiary of Wintrust Financial Corp., signed a contract last week to purchase the building and the bank will take occupancy in the fall, according to Jones Lang LaSalle, which is representing the Postal Service. Get the full story »
Jan. 24 at 7:13 a.m.
Filed under:
Government,
Transportation
By Dow Jones Newswires-Wall Street Journal
With red ink showing no sign of stopping, the U.S. Postal Service is hoping to ramp up a cost-cutting program that is already eliciting yelps of pain around the country. Beginning in March, the agency will start the process of closing as many as 2,000 post offices, on top of the 491 it said it would close starting at the end of last year.
In addition, it is reviewing another 16,000 — half of the nation’s existing post offices — that are operating at a deficit, and lobbying Congress to allow it to change the law so it can close the most unprofitable among them. The law currently allows the postal service to close post offices only for maintenance problems, lease expirations or other reasons that don’t include profitability. Get the full story »
Dec. 28, 2010 at 2:33 p.m.
Filed under:
Government
By Associated Press
Beginning in January, all new postage stamps good for 1 ounce of first-class mail will be marked as “forever.”
The U.S. Postal Service is doing away with issuing first-class stamps with denominations. Get the full story »
Nov. 12, 2010 at 12:35 p.m.
Filed under:
Earnings,
Government
By Reuters
The U.S. Postal Service reported a net loss of $8.5 billion during the previous fiscal year as falling mail volumes continued to outpace operating cost savings.
The Postal Service has been trying to reform its business practices after the recent economic downturn, increased use of e-mail and competition from FedEx, United Parcel Service and other delivery services have hurt volumes. Get the full story »
Nov. 11, 2010 at 5:31 p.m.
Filed under:
Economy,
Internet
By Associated Press
The Postal Service wants to test the idea of letting greeting card companies preprint postage on the envelopes they include with their cards, hoping that by making it easier to send cards it will win back some of the business it has been losing to the Internet.
Sep. 30, 2010 at 12:36 p.m.
Filed under:
Transportation
By CNN
Christmas is not coming early this year for the U.S. Postal Service, after regulators denied a request Thursday that would have raised the price of a first-class stamp by 2 cents, to 46 cents.
The Postal Service argued that it needed the hike in order to cover lost revenue from a decrease in mail volume, stemming from the economic recession. Get the full story »
