Search
 

Postal Service To Shut Plants

Closing processing centers will result in annual savings of $2.1 bln.

By Angela Greiling Keane, Bloomberg | Updated on May 17, 2012

The U.S. Postal Service, after backing off plans to close rural post offices, will stick with its proposal to shut mail-processing centers, eliminating 5 percent of its workforce and saving $2.1 billion annually.

The service, after a loss of $3.2 billion in the quarter ended March 31 and predicting it will temporarily run out of cash in October, intends to close about 140 plants in the next year and about 90 in 2014, Chief Operating Officer Megan Brennan told reporters today on a conference call. A first phase will save $1.2 billion a year, she said.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2024 ALM Global, LLC. All Rights Reserved.