October 22, 2014
WASHINGTON (AP) - The Postal Service reported a net loss of $3.8 billion for the 2009 fiscal year, about $1 billion more than the previous year.
The loss comes despite a reduction of 40,000 in career employees and billions in cost-cutting measures.
Postal Chief Financial Officer Joseph Corbett called the year "one of the most challenging in the history of the Postal Service."
The post office has been facing a decline in mail volume caused by the shift to the Internet, as well as the recession, which resulted in a drop in advertising mail.
Postmaster General John Potter is seeking permission from Congress to reduce mail delivery from six days-a-week to five. The agency is consolidating mail facilities, looking to close some offices and looking for new sources of income.
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