US wireless carrier Verizon to sell 274 stores, lay off another 500 corporate employees
The carrier said many affected workers at transferred stores may be retained by new owners as it trims costs and expands use of independent franchises.
- On Thursday, Verizon announced it will transfer 274 company-owned retail stores to independent operators and cut about 3,000 retail and corporate roles, effective August 16, under CEO Dan Schulman.
- These layoffs represent the third major workforce reduction under Schulman since October 2025. The company eliminated roughly 13,000 positions in November as part of a campaign to cut $5 billion in operating expenses by end of 2026.
- Verizon reports its AI systems produce satisfaction scores nearly 13 percent higher than human agents. Schulman stated he expects artificial intelligence to replace "a large percentage" of customer service work, particularly billing inquiries.
- While 3,000 roles leave Verizon's payroll, a company spokesperson said many employees at transferred stores will likely be retained by new independent operators. This shift moves operational liability to third-party partners.
- Investors await Verizon's second-quarter earnings report on July 24 to assess the restructuring's financial impact. The company faces stiff competition from T-Mobile and cable providers, prompting these cost-reduction measures.
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The operator noted that its current goal is to attract more customers with the improvement of its services and the presentation of simpler plans
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TV News CheckVerizon to Cut About 3,000 Jobs, Divest Itself of Some Retail Stores
By Patience Haggin and Katherine Hamilton Verizon Communications is cutting roughly 3,000 workers as part of a move to close hundreds of its retail stores. The company plans to divest itself...
Verizon is cutting approximately 3,000 employees as part of an initiative to close hundreds of its retail stores. Exclusive material for subscribers. To have full access, access the link of the material and register.
Verizon cuts 3,000 retail jobs as AI replaces customer service and stores move to franchises
Verizon is cutting about 3,000 employees from its corporate-owned retail stores and transferring 274 locations to independent operators, Bloomberg reported on Thursday. The changes take effect on August 16 and will leave the largest US mobile carrier with 1,000 company-owned stores alongside roughly 5,000 independent franchises. A company spokesperson said many of the workers at […] This story continues at The Next Web
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