Verizon Cuts 500 Corporate Jobs and Sells 274 Retail Stores
Verizon Communications announced on Thursday that it will sell 274 of its company-owned retail stores and lay off approximately 500 corporate employees. The decision affects roughly 3,000 workers across retail and corporate divisions.
The retail store sale becomes effective on August 16, leaving the wireless carrier with about 1,000 corporate-owned locations. According to internal company documents reviewed by reporters, management plans to keep at least 1,000 company-owned stores for the next three years.
Six large franchise companies will purchase and operate the 274 divested stores as authorized Verizon retailers. The transition affects about 2,500 retail employees. Verizon representatives stated that during previous store sales, approximately 70 percent of affected retail workers took jobs with the incoming franchise operators.
The corporate job cuts represent the latest stage of an ongoing restructure under Chief Executive Officer Dan Schulman, who assumed the role in October.
Schulman replaced former CEO Hans Vestberg as the company seeks to streamline its operations. At the end of 2025, Verizon employed approximately 89,900 full-time workers.
In his initial address to employees upon taking the job last year, Schulman expressed his goals for the company's future. He wrote that he wanted to change the corporate culture:
"simpler, leaner, and scrappier"
He stated that the company must simplify its structure to compete effectively.
This latest round of cuts follows a series of workforce reductions. Last November, the carrier announced more than 13,000 job cuts and divested 179 retail stores. The company eliminated several hundred additional positions in May.
The restructuring comes during intense competition in the United States wireless market. Verizon, AT&T, and T-Mobile have spent heavily on device subsidies, plan discounts, and network equipment to attract and retain customers. To draw subscribers, Verizon recently introduced simplified plans, dropped activation and upgrade fees, and introduced a new loyalty program.
To address coverage gaps, Verizon, AT&T, and T-Mobile agreed in May to form a joint venture using satellite-based technologies.
Analysts suggest this joint venture serves as a defensive measure against satellite services like SpaceX's Starlink.
According to an internal note to employees, Verizon is working closely with the franchise owners who operate its 5,000 authorized outlets. The company wrote that it hopes:
“to elevate the experience in every one of their locations because we know how important they are to our overall customer experience.”
Company representatives clarified that the job eliminations do not stem from automation or artificial intelligence. Speaking to Fierce Network, Verizon spokesman Rich Young explained the strategy behind the corporate job cuts.
Young said:
"Our CEO is committed to transform and improve this company and put it on a strong footing going forward, and this is part of his plan"
