Verizon Communications announced a major restructuring on July 16, 2026. The plan involves selling 274 company-owned retail locations. The company will also eliminate approximately 500 corporate positions.
Roughly 3,000 total employees are affected by these changes. This figure includes 2,500 retail workers. Authorized retailers will purchase the stores and continue operating them under the Verizon brand.
CEO Dan Schulman is leading this initiative to streamline operations and cut costs. The sale becomes effective on August 16. Verizon will retain ownership of approximately 1,000 retail stores following the transaction.
This move follows previous workforce reductions in November and May. Management cited changing market conditions and shifting customer behavior as primary drivers for the decision.