The Us Postal Service had predicted their capital loss not so long ago as they had warned congress they would be making fewer package deliveries.
During the Postal Agency’s most recent quarter a net loss of around 2.3 billion as a result of only delivering 3.2 percent fewer packages.
“We continue to face imbalances in our business model that must be fixed through legislative and regulatory change,” says Postmaster General and Chief Executive Officer, Megan J. Brennan
Losses of that quarter had increased $1.49 billion compared to their previous quarter statement.
From 2007 to 2018 the Us Postal Service has lost about $69 million collectively. There hasn’t been a profit made in over a decade.
It has been reported to Lawmakers the Us Postal Service that the number of days per week will be reduced down from 6 to 5 to give them the time needed to gather a firm grip on their financial situation. U.P.S is hoping their plan will enable them to increase the number of days operational for delivery to 7, every day of the week.
Brennan had aimed at a “flawed business model” as the reason for the company’s misguided financial instability.
Brennen further states, “Absent legislative reform, in all probability we’ll be out of cash in 2024 and that will threaten our ability to meet our obligation to the American public.”