Verizon sells 274 stores, cuts 3,000 jobs

Verizon announced on Thursday, July 16, 2026, a major restructuring of its retail business that will affect approximately 3,000 employees. The plan involves selling 274 company-owned stores and eliminating about 500 corporate jobs. The store divestiture is scheduled to take effect on August 16, after which the company will retain roughly 1,000 corporate-owned retail locations.

The 274 stores will not close but will be sold to six different franchise operators, shifting them to independent ownership. Verizon stated that many of the retail employees at these locations are expected to be retained by the new owners, though they will no longer be on Verizon's payroll. The company noted that in previous store transfers, about 70 percent of affected retail employees accepted positions with the incoming franchise operators. In a note to employees, Verizon said it is working with franchise owners who operate about 5,000 outlets to strengthen the customer experience.

This announcement continues a pattern of significant workforce reductions under CEO Dan Schulman, who took the role in October 2025. In November, Verizon executed its largest-ever single round of layoffs, cutting more than...