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LONDON, March 24 (UPI) -- The British Royal Mail will sell 40 post office buildings due to continued financial losses totaling $140 million annually.
The sales should be worth nearly $40 million, The Times of London reported Monday.
The Labor party blocked a proposal to close 2,500 money-losing offices last week although Crown Post Office networks have been losing nearly $140 million a year, the report said.
The postal service has been in decline since the 1960s, when it had 25,000 offices. The Conservative government closed 3,500 offices in the 1970s. The Labor party has cut an additional 4,000 since1997.
The Crown Post office network is currently down to 14,000 offices, the report said.
Some of the offices may move to retail stores.
"Royal Mail can manage their property portfolios as they choose, but this should not be a surrogate means of extra post office closures," Shadow Business Minister Alan Duncan said.
Internet billing has cut into the use of the postal service and various services once done at the post office, such as renewing driving licenses and obtaining passports can now be done online, the report said.
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