Jul. 16 at 5:58 PM
Verizon will eliminate roughly 3,000 jobs as it transfers 274 company-owned retail stores to independent operators effective August 16. While affected employees will leave Verizon's payroll, many are expected to be hired by the new store owners. After the transition, Verizon will operate 1,000 company-owned stores alongside 5,000 independently operated franchise locations.
The move follows Verizon's previously announced 20% reduction of its non-union workforce, impacting about 13,000 employees. CEO Dan Schulman said difficult decisions are necessary to revive growth and expects AI to replace a significant portion of customer service work while improving customer experience. Verizon recently introduced a simplified wireless plan and a new customer loyalty program ahead of its quarterly earnings report on July 24.
$VZ