WASHINGTON (AP) — The financially troubled Postal Service said Thursday it may close more than 250 mail processing facilities across the country and plans to reduce service standards for first-class mail in an effort to cut costs.
[See also: Postal Service turns to Congress for help]
The steps are part of a broad effort to cut costs for the agency that lost $8.5 billion last year and is facing ever more red ink this year as the Internet siphons off the lucrative first-class mail and the stagnant economy holds down the growth of advertising mail. Over the last five years mail volume has declined by more than 43 billion items..
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