What Do the USPS Financial Troubles Mean for Mailbox Franchises and Independent Mailbox Store Owners?
USPS scheduled to close/cut operation hours at 2,000 locations in light of recent defaults in the billions. An industry insider discusses the impact on non-USPS mailing entities, Discount Retail Store Services reports.
In August 2012 USPS defaulted for the first time since 1982, unable to make a required 5.5 billion dollar payment. They defaulted again in September 2012 without paying a required 5.6 billion dollar tab.
Cost Cutting Moves
Meanwhile in order to cut costs USPS has implemented plans to consolidate their network of 461 mail processing centers in phases starting with 140 consolidations through 2013 and an additional 89 through 2014. “We revised our network consolidation timeline to provide a longer planning schedule for our customers, employees and other stakeholders, and to enable a more methodical and measured implementation,” said Patrick R. Donahoe, Postmaster General and Chief Executive Officer of the Postal Service. Also according to Donahoe USPS is ...