Verizon Cuts 3,000 Jobs, Closes 274 Retail Stores on July 16

VZ2.41%
According to Barron's, Verizon Communications announced on July 16 that it will lay off 3,000 employees and close 274 retail stores as part of CEO Daniel Schulman's cost-reduction initiative. The company will eliminate 2,500 retail positions and 500 corporate roles, reducing company-owned stores to approximately 1,000 locations. The 274 stores will be transferred to franchisees, with operations transitioning by August 16. The layoffs represent 3.3% of Verizon's approximately 89,900-person workforce as of end-2025.
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