retail news in context, analysis with attitude

The US Postal Service (USPS) said yesterday that it lost $5.2 billion in the fiscal third quarter, the Wall Street Journal notes that "it was nearly out of cash and likely to exhaust its government credit line in coming months."

The USPS defaulted for the first time in history earlier this month when it did not make a $5.5 billion payment for future retiree health benefits, and has said that it is likely to miss a similar payment due at the end of September. USPS management says that it can continue to pay employees and critical vendors, but might miss payments to some suppliers.
KC's View:
Oy. Don't get me started.