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Verizon to sell 274 retail stores and cut about 500 office jobs

The store divestiture will reduce Verizon’s corporate-owned footprint to 1,000 locations, with the company saying it needs at least 1,000 corporate stores over the next three years to meet its strategy.

Reported · Written up by our desk · Industry

Verizon plans to shrink its corporate-owned retail footprint by selling 274 stores and to cut about 500 office employees, according to a staff memo reviewed by Reuters.

The planned divestiture is expected to affect roughly 2,500 retail employees tied to the sold locations. After the sales, Verizon said it will have 1,000 stores and another 5,000 franchised outlets.

Verizon told staff it expects to need at least 1,000 corporate-owned stores over the next three years to execute its long-term strategy, and it said the corporate team is working with franchise operators to improve the customer experience.

The office layoffs represent at least the third round of job cuts in the past year. The company also previously reduced office real estate overhead, including signing a 203,000 SF lease at Vornado Realty Trust’s Penn 2 tower in Manhattan last July, and selling the 145,000 SF TracFone Wireless headquarters before relocating it to a 51,000 SF site near Miami International Airport.

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