Key facts
- USPS reported a net loss of $6.5 billion for the 12 months ending Sept. 30.
- The prior 12-month net loss was $9 billion, USPS said.
- Postmaster General David Steiner said cuts to post office locations and marketing mail service levels are needed.
The US Postal Service reported a net loss of $6.5 billion for the 12 months ending Sept. 30, narrower than the $9 billion net loss it posted for the prior 12 months, the agency said. Postmaster General David Steiner said at a meeting that the agency faces wider losses and a cash crisis.
"We will need to make drastic changes in the number of Post offices and marketing mail service levels, and we will need to look at other areas to generate the cash we need to meet our obligations to our employees and to the American public," Steiner said.
The report did not specify how many retail post office locations could be affected or when the changes would take effect. Steiner tied the planned reductions to the absence of action from Congress.