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Verizon is cutting jobs and selling hundreds of stores to turn its fortune around
Jul 16, 2026 — 4:23 PM ET
- Verizon is selling 274 company-owned retail stores and is cutting 500 corporate jobs.
- The stores won’t be closed, but they’ll be run as authorized Verizon retailers by six different entities.
- The changes will go into effect on August 16.
Verizon has had a tough time in recent years, losing thousands of customers to its competition. When Dan Schulman took the reins as CEO in 2025, he was tasked with turning the company around to help it grow. Part of Schulman’s strategy to transform the carrier will impact thousands of jobs come August.
According to Fierce Network, Verizon plans on selling 274 company-owned retail stores. In addition to selling a large number of stores, it will also cut around 500 corporate jobs. The restructuring Verizon will go through is expected to affect about 3,000 jobs, with 2,500 of those jobs being retail-related.
However, it appears that these stores won’t be shut down. A Verizon spokesperson tells the outlet that the company is selling the brick-and-mortar locations to about six different entities. These entities will continue to run the stores as authorized Verizon retailers.
In a statement, the spokesperson said:
Our CEO is committed to transform and improve this company and put it on a strong footing going forward, and this is part of his plan.
These changes are scheduled to go into effect on August 16. The shedding of these 274 stores will leave Verizon with around 1,000 still owned by the corporation. The spokesperson adds that this decision is not related to AI replacing jobs.
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