Verizon cuts 3,000 jobs and sells 274 retail stores amid ongoing customer losses
Verizon is conducting another round of cost-cutting measures, laying off over 3,000 employees and selling 274 company-owned retail stores to franchisers, effective August 16, 2026. This move follows the company's loss of approximately 2.25 million wireless customers over the past three years due to price increases and intense competition. Under CEO Dan Schulman, who took over in October 2025, Verizon previously laid off more than 13,000 employees in November 2025 and sold 179 stores. The latest cuts include 500 corporate employees, with the remainder coming from store sales. Industry experts have criticized the strategy, with Bosch USA's John Sinclair calling it a failure to lead and a reliance on cutting skilled workers rather than pursuing innovation. Verizon aims to maintain at least 1,000 corporate-owned stores to support its long-term strategy.
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