- Verizon is selling 274 company-owned retail stores, but it says the locations will remain open under authorized retailers
- About 3,000 jobs are affected, including 2,500 retail roles and roughly 500 corporate positions
- Verizon says the corporate cuts are part of its broader restructuring
Verizon said it’s selling 274 company-owned retail stores and cutting about 500 corporate jobs as part of its ongoing restructuring.
In total, about 3,000 jobs are impacted, of which 2,500 are retail employees, according to Verizon spokesman Rich Young.
It’s important to note that Verizon is selling the stores, not closing them. The stores are being sold to about six different entities, which will then continue to operate them as authorized Verizon retailers, he said.
After the changes become effective August 16, it will leave Verizon with about 1,000 corporate-owned stores. The company intends to make improvements to the corporate-owned stores but details were not immediately available.
The elimination of the 500 corporate jobs is part of the broader transition going on at Verizon.
CEO Dan's plan
The news comes after Verizon CEO Dan Schulman announced a whopping 13,000 job cuts in November and a much smaller round in May. Schulman took over the company in October, replacing former CEO Hans Vestberg.
“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,” Young told Fierce.
Schulman has warned that a lot of jobs are going to be eliminated due to AI, but Young said these changes “have nothing to do with AI.”
Verizon reports Q2 earnings on July 24.
More news about Verizon:
UPDATED: Verizon rumored to be laying-off up to 25% of 5G enterprise team as part of larger cuts
Verizon set to announce more layoffs: report