Verizon revealed a plan to sell 274 company-owned retail locations and lay off an additional 500 corporate employees as part of an ongoing restructuring effort under CEO Dan Schulman.

A representative for Verizon confirmed to Mobile World Live (MWL) the layoffs will impact roughly 3,000 retail and corporate employees.

Following the retail divestment, which is scheduled to take effect on 16 August, Reuters reported Verizon’s corporate-owned store footprint will shrink to 1,000 locations.

Verizon stated in a note to employees it is actively collaborating with the franchise owners running its 5,000 independent outlets to ensure high customer service standards are maintained across all locations, according to the news outlet.

Reuters reported during previous retail transitions, approximately 70% of affected retail staff secured employment with the incoming franchise partners

Wave7 Research analyst Jeff Moore told MWL after the retail stores are sold, 20% of them will be corporate owned while the remaining 80% will be dealer outlets.

“This takes hundreds of employees off of Verizon’s books and puts them onto the books of various Verizon dealers,” he said.

The mobile operator cut about 15,000 jobs in November 2025 as part of Schulman’s restructuring efforts, and sold 179 corporate-owned stores to franchise operators.

Following the 2025 layoff, the operator proceeded to trim several hundred additional positions in May 2026 as part of its multi-year operational overhaul.

In January, Schulman announced a plan to cut $5 billion in operating expenses in 2026, with a large portion coming from layoffs.

In June, Verizon introduced simplified service plans, dropped activation and upgrade fees and launched a new loyalty programme aimed at reducing churn.

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