Verizon Cuts 3,000 Jobs, Shifts 274 Stores to Franchise Model

Verizon Communications announced a restructuring that will transfer 274 company-owned retail stores to third-party franchise operators effective August 16, 2026, and result in workforce reductions of 3,000 employees (2,500 retail workers and 500 corporate staff). The move will leave Verizon with roughly 1,000 directly managed stores while about 5,000 franchise locations continue operating, and represents about 3.3% of Verizon's stated headcount of 89,900 as of end-2025. CEO Dan Schulman is pursuing $50 billion in operating expense savings for 2026, citing workforce reductions and AI-driven automation of customer service as part of the cost-cutting strategy; the change follows earlier rounds of cuts including about 13,000 jobs in November and additional reductions in May. Verizon said many affected retail employees may be retained by incoming franchisees, and the company is repositioning to an asset-light franchise model while reinvesting in remaining stores and pursuing improved profitability.

Verizon Communications Inc. cut 3,000 jobs affecting its retail and corporate (2,500 retail; 500 corporate) team as of August 16, 2026.

That is roughly 3% of the 101,200 people Verizon Communications Inc. employs.

LayoffTalk has tracked 31 layoff events at Verizon Communications Inc. since September 2023, affecting a combined 62,911 employees.