Verizon announced on Thursday (July 16) that it plans to sell 274 company-owned retail stores and cut approximately 500 corporate jobs as part of a major restructuring effort. This move will affect around 3,000 employees, primarily in retail positions. The sale, which will be finalized on August 16, will leave Verizon with about 1,000 corporate-owned stores.
The stores being sold will transition to franchise operators, with six large entities expected to manage most of these locations. According to Quartz, Verizon aims to enhance the customer experience at its 5,000 franchise outlets. Historically, about 70% of employees at sold locations have accepted positions with the new operators.
Verizon’s CEO, Dan Schulman, who assumed his role in October, has been focused on cost reductions and simplifying customer offerings. Last month, the company introduced a streamlined pricing strategy that eliminates activation and upgrade fees and launched a new rewards program for subscribers. Verizon’s first-quarter 2026 results showed a positive net gain in postpaid phone subscribers for the first time since 2013.
Verizon competes with AT&T and T-Mobile in the U.S. wireless market, where companies are investing in network infrastructure and offering device subsidies and plan discounts. In May, Verizon, AT&T, and T-Mobile announced a joint venture to address connectivity issues in rural areas using satellite technology.
The restructuring follows a significant round of layoffs in November, where Verizon cut over 13,000 jobs. Yahoo Finance reports that Verizon will announce its Q2 earnings on July 24.
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