JOC Staff | Jan 14, 2013 4:15PM EST
The United States Postal Service board of governors has directed USPS management to accelerate its restructuring of operations to further reduce costs in the face of financial challenges and the lack of comprehensive postal legislation from Congress.
Specifically, the board approved restructuring initiatives and instructed USPS to revise its 2012 five-year plan to account for current financial and liquidity conditions.
The service is currently seeking to cut costs throughout its retail, delivery and mail-processing operations.
In fiscal year 2012, USPS defaulted on $11.1 billion in mandated payments to the U.S. Treasury, which contributed to a record loss of $15.9 billion.