The U.S. Postal Service has hired restructuring advisers as the agency warns it could run out of money within about a year if financial pressures are not addressed.
Postmaster General David Steiner said the Postal Service has brought in consulting firm Alvarez & Marsal to help develop options to stabilize the agency's finances, according to Bloomberg.
Steiner said the review will consider a range of potential changes, including adjustments to service levels, staffing, and operations.
The move highlights long-running financial challenges at the Postal Service, which has reported repeated annual losses while attempting to cut costs and improve efficiency.
Steiner said one immediate priority is asking Congress to raise the agency's $15 billion borrowing limit, which has not been raised since the 1970s.
A higher borrowing cap would allow the Postal Service to continue operating while pursuing modernization and other changes to its business model.
The borrowing limit is expected to be a key topic during an upcoming congressional hearing on the agency's finances.
Steiner said the Postal Service must focus on improving its finances without relying on outside relief.
The agency is also exploring ways to increase revenue beyond traditional mail delivery.
Among the initiatives being considered is expanded use of its nationwide delivery network and facilities, including partnerships that allow other shipping companies to use the Postal Service's last-mile delivery capabilities.
The Postal Service has also examined new ways to generate revenue from its large fleet of vehicles and nationwide network of mailboxes.
Financial pressure on the agency has persisted for years.
The Postal Service reported a roughly $9 billion annual loss last year, slightly higher than the previous fiscal year.
The agency has lost more than $100 billion since 2007 despite multiple restructuring efforts and policy changes.
Congress approved legislation in 2022 providing roughly $50 billion in financial relief over a decade, but Postal Service leaders have said additional reforms and revenue improvements are still needed to stabilize operations.
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