The struggling U.S. Postal Service on Thursday reported an annual loss of a record $15.9 billion, capping a tumultuous year in which it was forced to default for the first time on billions in payments to avert bankruptcy.
With no financial relief in sight, the U.S. Postal Service is pushing ahead with planned cuts to more than 260 mail processing centers around the nation, part of a billion-dollar cost-cutting effort that will slow delivery of first-class mail.
Six mail centers in New Jersey are slated to close as the U.S. Postal Service looks to cut costs and avert seeking bankruptcy protection. The facilities are located in Edison, Pleasantville, Eatontown, Kearny, Teterboro and Bellmawr.
The U.S. Postal Service says it lost $5.1 billion last year as a weak economy and increased Internet use drove down mail volume. The bleak financial report for the fiscal year ending Sept. 30 was not as high as the $10 billion in losses previously estimated...