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.
The Postal Service is considering closing more than 1 in 10 of its retail outlets. The financially-troubled agency announced Tuesday that it will study 3,653 local offices, branches and stations for possible closing.
Could mail delivery be cut back to three days-a-week? That’s not under consideration right now, Postmaster General Patrick Donahoe said Wednesday. But it’s something that could happen in 15 to 20 years.