Verizon Shakes Up Its Retail Footprint With 274 Store Sales and 500 Corporate Cuts

Verizon is making another big shift, and this one touches both its stores and its corporate offices. The carrier says it is selling 274 company-owned retail stores and cutting around 500 corporate jobs, part of a broader restructuring under new CEO Dan Schulman. In total, about 3,000 jobs are affected, including roughly 2,500 retail workers who staff the stores being handed off.

As reported by Fierce Network, the important detail for shoppers is that these stores are being sold, not closed. Verizon spokesman Rich Young told the publication that the 274 locations are being transferred to about six different companies, which will keep running them as authorized Verizon retailers. In other words, if you walk into one of these stores after the change, you should still be able to buy a Verizon phone, sign up for service, or get help with your account, just from a different company under the Verizon banner.

The changes take effect August 16. Once that happens, Verizon will be left with around 1,000 corporate-owned stores, and the company says it plans to invest in improving those locations, though it has not shared specifics yet. The 500 corporate job cuts are separate from the retail changes and are tied to Schulman’s broader plan to reshape the business. He previously announced about 13,000 job cuts back in November, along with a smaller round in May.

One question worth clearing up: Verizon says this move is not about artificial intelligence. While Schulman has warned that AI will eventually replace some jobs at the company, Young told the publication that these particular cuts “have nothing to do with AI.” Verizon is expected to share more about its overall direction when it reports Q2 earnings on July 24.

Source: Fierce Network