The U.S. Postal Service is seeking to slow down its delivery rate, the agency announced Monday, in an effort to help save $2.1 billion a year and fend off possible bankruptcy.
The proposed plan, which would go into effect next spring, would relax delivery standards for first-class mail, so that it would arrive within two to three business days, largely doing away with overnight delivery for stamped mail. The delivery delay would be a byproduct of the closure of 252 mail processing plants—more than half of the total, a change the Postal Service announced in September.
"The U.S. Postal Service must reduce its operating costs by $20 billion by 2015 in order to return to profitability," said David Williams, a USPS vice president, in a statement.
"The proposed changes to service standards will allow for significant consolidation of the postal network in terms of facilities, processing equipment, vehicles and employee workforce and will generate projected net annual savings of approximately $2.1 billion."