Verizon to Sell 274 Stores, Lay Off 500 Corporate Employees in Restructuring
U.S. wireless carrier Verizon announced on July 16, 2026, that it will sell 274 company-owned retail locations and cut approximately 500 corporate jobs as part of its restructuring. The moves will affect about 3,000 retail and corporate employees, leaving Verizon with 1,000 company-owned stores after the sale effective August 16. This follows earlier job cuts of over 13,000 in November and several hundred in May. Verizon noted that historically about 70% of employees at sold retail locations took jobs with the new operators. The company, now led by CEO Dan Schulman, is competing with AT&T and T-Mobile in a saturated U.S. telecom market. Verizon recently introduced simpler plans, dropped activation fees, and launched a loyalty program. The three carriers also agreed in May to form a joint venture to address rural coverage gaps using satellite technology, potentially as a defensive move against SpaceX's Starlink.
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