Verizon to Cut About 3,000 Jobs, Divest Itself of Some Retail Stores
By Patience Haggin and Katherine Hamilton
Verizon Communications is cutting roughly 3,000 workers as part of a move to close hundreds of its retail stores.
The company plans to divest itself of 274 of its retail stores to franchise owners, according to a company spokesman Thursday. Verizon would still own about 1,000 retail stores after the divestment.
Management has decided Verizon needs a minimum of 1,000 corporate-owned stores for the next three years as part of its long-term strategy, according to an internal memo reviewed by The Wall Street Journal.
Most of Verizon's layoffs would come from the retail-store divestiture. However, the 3,000-layoff total also includes about 500 Verizon corporate employees, people familiar with the matter said.
The company had about 89,900 full-time employees as of the end of 2025, according to its annual report.
The news echoes a move Verizon took last fall, when it divested itself of about 200 retail stores in conjunction with its largest-ever round of layoffs, which reduced its workforce by more than 13,000.
Write to Patience Haggin at patience.haggin@wsj.com and Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
July 16, 2026 14:18 ET (18:18 GMT)
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