The telecom giant accelerates cost reductions after losing 2.25 million wireless subscribers over three years due to competition and price hikes.
Verizon will eliminate over 3,000 jobs and sell 274 company-owned retail stores to franchisers, reducing its store footprint to 1,000. The move follows a November layoff of 13,000 employees and additional cuts in May, part of a broader effort to streamline operations under CEO Dan Schulman.
The company has lost approximately 2.25 million wireless customers over the past three years, attributed to back-to-back price increases and intensified competition. Schulman acknowledged in October that Verizon had failed to deliver expected shareholder returns despite significant network investments.
The latest workforce reduction affects less than 1% of Verizon’s global workforce, with the store sales set to take effect on August 16. The company aims to simplify operations and improve customer service amid ongoing subscriber declines.