Verizon is laying off more than 3,000 employees and selling 274 company-owned retail stores to franchisers. The store sales, effective August 16, will reduce its corporate-owned footprint to 1,000 locations, which the company says is sufficient to support its long-term strategy. Most of the job cuts stem from the store divestitures, while an additional 500 corporate employees are being laid off. The move follows earlier workforce reductions, including 13,000 layoffs in November and hundreds more in May, as CEO Dan Schulman seeks to improve shareholder returns amid customer losses and heightened competition.
Verizon Communications IncVerizon is cutting jobs and selling stores to improve shareholder returns amid customer losses and competition, indicating financial distress.
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