Verizon to sell nearly 300 stores, cut 500 jobs in restructuring
A Verizon store stands on January 14, 2025 in New York City. (Photo by Al Drago/Getty Images)
Verizon will sell nearly 300 retail stores and cut some 500 corporate jobs as part of a restructuring plan, but the closures will mean thousands more retail employees could be out of a job.
According to Reuters, that’s on top of the 179 retail stores Verizon has sold to franchise operators, along with closing one store and cutting more than 13,000 jobs since November. Here’s the latest:
Verizon job cuts
By the numbers:
Verizon says the changes will impact roughly 3,000 retail and corporate employees, with Verizon owning 1,000 stores after the Aug. 16 sale. The company said in previous sales, about 70% of retail store workers were able to get jobs with the six companies operating most of the stores.
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What they're saying:
Verizon says it’s working with franchise owners "to elevate the experience in every one of their locations because we know how important they are to our overall customer experience."
A saturated market
Dig deeper:
Verizon, which competes with AT&T and T-Mobile, is offering cheaper plans, lower fees and a new loyalty program in an effort to win back customers in a saturated market.
MORE: Microsoft cuts 4800 jobs, including many in Xbox division
In May, the three telecom companies formed a joint effort to improve cell phone service in rural areas using satellites. Experts believe it’s a preemptive move to stop Starlink from stepping in and competing directly with wireless companies.
The Source: This report includes information from Reuters.