Verizon slashes 3,000 jobs and dumps 274 stores in aggressive cost-cutting push
The telecom giant's latest restructuring round targets $5 billion in savings as competition from AT&T and T-Mobile intensifies
Verizon announced plans to sell 274 stores and eliminate approximately 500 corporate positions, part of a broader restructuring that will impact around 3,000 employees total.
The store sales become effective on August 16, 2026. Authorized retailers will take over operations at the divested locations, while Verizon holds onto roughly 1,000 corporate-owned stores. The 3,000 affected jobs break down into about 2,500 retail positions and 500 corporate roles.
A pattern, not a one-off
Verizon cut 13,000 employees back in November 2025. Then hundreds more got pink slips in May 2026. Now another 3,000 are heading for the exits.
CEO Dan Schulman is driving toward $5 billion in operating expense reductions. This restructuring follows a November 2025 divestiture of 179 corporate-owned stores to franchise operators.
By shifting 274 stores to authorized retailers, Verizon offloads fixed costs while still maintaining a retail presence through partners. Verizon’s authorized retailer network currently includes around 5,000 outlets.
Verizon retaining about 1,000 corporate stores while offloading 274 means roughly 22% of its owned retail footprint is being converted.