Verizon will sell 274 company-owned stores and cut about 500 corporate jobs, affecting roughly 3,000 employees. The moves are part of an ongoing restructuring that has now eliminated more than 14,000 positions since November.
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Verizon sells 274 stores, cuts 500 jobs in restructuring push
Verizon will sell 274 company-owned retail locations and cut about 500 corporate jobs as part of its ongoing restructuring, the U.S. wireless carrier said Thursday.
The moves will affect about 3,000 retail and corporate employees. After the sale, effective Aug. 16, Verizon will own 1,000 stores. In May, the carrier eliminated several hundred jobs after announcing in November it was cutting more than 13,000 positions in its largest single round of layoffs.
The restructuring comes as Verizon works to reduce costs and streamline operations in a competitive wireless market where subscriber growth has slowed. The company has now cut or announced plans to cut more than 14,000 positions since November, representing roughly 4% of its workforce.
For shareholders, the store sales and job cuts point to a narrower retail footprint and lower fixed costs, which could support margins over time. Investors will watch Verizon's next quarterly report for updated cost-savings targets and any impact on subscriber trends.
This article is for informational purposes only and does not constitute investment advice.
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