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Verizon to sell 274 stores and cut about 500 corporate jobs
The company says the divestiture will leave it with 1,000 owned stores starting Aug. 16, and the restructuring follows prior layoffs of more than 13,000 announced last year.
Verizon said it will sell 274 company-owned retail locations and cut about 500 corporate jobs as part of a restructuring, affecting roughly 3,000 retail and corporate employees overall, according to Reuters.
After the sale, Verizon will own 1,000 stores, with the change effective Aug. 16, the outlet reported. Verizon added that about 70% of employees at retail locations it sold previously took jobs with the operators running the stores.
The company’s latest actions come after it eliminated several hundred jobs in May. Verizon had previously announced it would cut more than 13,000 jobs in its largest single round of layoffs announced in November, Reuters said.
Verizon, which competes with AT&T and T-Mobile in a saturated U.S. telecom market, also noted efforts to attract customers through simpler plans, dropping activation and upgrade fees, and a new loyalty program offering discounts and perks. The carrier earlier agreed with AT&T and T-Mobile in May to form a joint venture to address coverage gaps using satellite-based technologies, Reuters reported, with some analysts saying the setup could be defensive if satellite internet services like Starlink eventually compete more directly.