Verizon to sell 274 company-owned retail stores
Around 500 corporate jobs to be eliminated
Restructuring aims to boost competitiveness in US telecom
US telecommunications company Verizon will sell 274 company-owned retail stores and eliminate around 500 corporate positions in changes that will affect nearly 3,000 employees across its retail and corporate operations, Reuters reported. This comes as the US wireless carrier presses on with a sweeping restructuring that began with its largest-ever layoff announcement last November.
The store’s sale begins on August 16, after which Verizon will retain ownership of 1,000 retail outlets. The company said that in previous store divestments, around 70% of employees at affected locations joined the new operators that took over the outlets. Six major franchise operators currently manage most of Verizon's franchised stores, and the company said it is working closely with franchise partners operating about 5,000 stores to improve customer experience across those locations.
The latest round follows an earlier phase in November, when Verizon transferred 179 company-owned stores to franchise operators and shut one retail location, alongside an announcement that more than 13,000 positions would be cut. Several hundred further jobs were eliminated in May.
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Verizon's chief executive, Dan Schulman, who took over in October after serving on the company's board since 2018, is leading the restructuring as Verizon competes with AT&T and T-Mobile in a mature US telecom market where carriers have been raising network infrastructure spending while offering larger device subsidies and discounted service plans.
Meanwhile, on the commercial side, Verizon last month announced simpler wireless plans, removed activation and upgrade charges, and introduced a loyalty programme offering discounts and other benefits to attract and retain customers.
Verizon, AT&T and T-Mobile in May, agreed to form a joint venture to expand wireless coverage in rural areas through satellite-based technology. The initiative could help the three carriers respond to concerns that SpaceX's Starlink may become a stronger competitor in wireless market of United States, the report added citing sources.
The latest restructuring of Verizon reflects the growing pressure on established telecommunications operators to balance cost efficiency with long-term investments in network expansion and customer retention.
As competition intensifies and new technologies such as satellite-based connectivity reorganize the industry, traditional carriers are increasingly rethinking their retail footprint and operating model to remain competitive.
