Verizon is reportedly set to slash thousands of jobs across its corporate operations and the sale of hundreds of company-owned stores, moves that continue CEO Dan Schulman’s overhaul of the telecom giant’s operations.
Reuters is reporting that around 500 corporate jobs are being eliminated as part of a restructuring and that 274 corporate-owned stores are being sold, which in total will impact around 3,000 employees. The report indicated that the carrier informed employees in a note that it was working with retail franchise owners that currently operate 5,000 outlets "to elevate the experience in every one of their locations because we know how important they are to our overall customer experience."
A Verizon spokesperson in an email confirmed the Reuters numbers, adding that the corporate-owned stores would be "transitioning" to "franchise locations," and "about 70 percent of those retail locations typically "accept positions at the new franchise locations."
The latest cuts are labeled as "part of our ongoing transformation" and the latest under Schulman, who in just under a year, has implemented significant cost-cutting programs across the carrier. This includes an initial move to slash 13,000 jobs, which was completed at the end of Verizon’s fiscal first quarter of this year and came with a $2 billion price tag, and a more recent round of cuts.
