US wireless carrier Verizon to sell 274 stores, lay off another 500 corporate employees
The restructuring will shift 274 stores to franchise operators and is part of a broader effort to cut $5 billion in operating expenses.
- 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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Verizon Layoffs: US Telecom Giant to Cut 3,000 Jobs and Sell 274 Stores in Restructuring | 📲 LatestLY
Verizon is selling 274 retail stores and cutting 500 corporate roles, impacting nearly 3,000 employees. The restructuring, led by CEO Dan Schulman, aims to streamline operations amid fierce competition. Most retail staff are expected to transition to franchise partners as the firm adjusts its strategy. 📲 Verizon Layoffs: US Telecom Giant to Cut 3,000 Jobs and Sell 274 Stores in Restructuring.
Verizon is cutting jobs and selling hundreds of stores to turn its fortune around
Credit: Edgar Cervantes / Android Authority TL;DR Verizon is selling 274 company-owned retail stores and is cutting 500 corporate jobs. The stores won’t be closed, but they’ll be run as authorized Verizon retailers by six different entities. The changes will go into effect on August 16. Verizon has had a tough time in recent years, losing thousands of customers to its competition. When Dan Schulman took the reins as CEO in 2025, he was tasked w…
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BizTocWhy Is Verizon Selling Stores And Cutting Jobs
Verizon has announced plans to transfer 274 company-owned retail stores to independent operators and reduce its workforce by about 3,000 retail and corporate positions as part of a broader restructuring effort. According to the report, the changes will take effect on August 16 and are aimed at improving operational efficiency amid intense competition in the U.S. wireless market.The report said the latest move marks the third major workforce redu…
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