Key facts
- Verizon is selling 274 corporate-owned retail locations.
- Approximately 500 office employees will be laid off.
- The sale impacts about 2,500 retail employees.
- Verizon will retain 1,000 corporate-owned stores and 5,000 franchised outlets.
- This is at least the third round of job cuts at Verizon in the past year.
- Verizon's headcount has decreased from nearly 100,000 to 89,000 full-time employees over the past year.
Verizon is significantly reducing its corporate-owned retail presence by selling 274 stores and laying off approximately 500 office employees. This strategic move, detailed in a note to staff obtained by Reuters and reviewed by The Wall Street Journal, is part of a broader corporate restructuring. The divestiture will leave Verizon with 1,000 corporate-owned stores and an additional 5,000 franchised outlets. This follows a period of significant workforce reductions, including the elimination of 13,000 roles in November, which was the largest round of layoffs in the company's history. Verizon's total headcount has decreased from nearly 100,000 employees a year ago to 89,000 at the end of 2025. The company also previously sold 179 corporate-owned locations and closed one retail store as part of last year's restructuring efforts. In addition to store reductions, Verizon has taken steps to decrease its office real estate overhead, including consolidating offices and selling its TracFone Wireless headquarters. Despite these cuts, Verizon reported a first-quarter profit of $5.1 billion, a 3.3% increase from the previous year, and repurchased $2.5 billion worth of stock. The company's shares have seen a nearly 10% increase year-to-date, with second-quarter results anticipated on July 26. The broader retail sector has shown resilience, with vacancy rates holding steady at 6%, below the historical average, supported by limited new construction.