The U.S. Postal Service will announce Wednesday it’s canceling Saturday delivery.
The struggling U.S. agency loses $25 million a day, according to Postmaster General Patrick Donahoe. Last November the agency reported it lost $15.9 billion for the fiscal year that ended Sept. 20, more than triple its loss from the previous year. The U.S. Post Office has also reached its $15 billion borrowing limit with the Treasury.
The proliferation of online banking and email has made the U.S. Post Office less relevant in today’s digital age. U.S. mail volume totaled 159.9 million pieces last year, a 5% decline from 2011.