Postal Service aims to shut down 3,600 offices

@CNNMoney July 25, 2011: 7:26 PM ET

NEW YORK (CNNMoney) -- The U.S. Postal Service on Tuesday will release a list of 3,653 post offices that could be shut down.

These locations will be studied for possible closure, according to U.S. Postal Service spokeswoman Sue Brennan. Most of the post offices that are on the chopping block have "lower foot traffic and revenue," she said, and the majority of them are in smaller communities.

In its release, the Postal Service will also outline what it calls a replacement strategy that will have local post offices partner with third party businesses in those smaller communities to create alternative options.

Such arrangements will likely be put in place place in "communities that have existing businesses, mom and pop shops -- some type of local business that could also provide postal services," Brennan told CNNMoney.

The announcement comes as no surprise. In an ongoing effort to battle fiscal concerns, the money-losing U.S. Postal Service announced plans in January to shut down thousands of stations and branches.

In fiscal year 2010, the Postal Service suffered a $8.5 billion net loss, compared to a loss of $3.8 billion the prior year. Last quarter, the U.S. Postal Service posted a loss of $2.2 billion. Its fiscal year ends in September. To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.95%3.94%
15 yr fixed3.05%3.02%
5/1 ARM3.34%3.48%
30 yr refi4.02%4.01%
15 yr refi3.13%3.10%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Economic Calendar
Latest ReportNext Update
Home pricesAug 28
Consumer confidenceAug 28
GDPAug 29
Manufacturing (ISM)Sept 4
JobsSept 7
Inflation (CPI)Sept 14
Retail sales Sept 14
  • -->