Verizon has announced plans to sell 274 of its company-owned US stores, as the telecoms giant moves to reduce its overall workforce by approximately 3,000 employees.

The plans, part of a wider restructuring effort, will see Verizon attempt to sell the sites to franchise owners. The total figure of those laid off includes approximately 500 corporate employees.

After the sale, Verizon will still operate approximately 1,000 stores across the US. The Wall Street Journal reported that this is the minimum number that the firm’s management considered viable to run over the next three years.

Reuters separately reported that Verizon is said it is in negotiations with outlet owners "to elevate the experience in every ​one of their locations because we know how important they are ​to our overall customer experience”.

The sell-off continues a trend Verizon started in November, when it sold 179 of its stores and fired around 13,000 staff in its largest ever round of layoffs.

Verizon said that 70 per cent of workers cut in previous rounds of divestiture were re-hired by the companies that continue to run the outlets.

In its financial statement for the first quarter of FY2026, Verizon reported total operating revenue of $34.4 billion, up 2.9 per cent year-on-year. But the firm’s stock has dropped 21.23 per cent in the past five years.

Under Dan Schulman, the former PayPal chief executive who took charge of Verizon in October 2025, the firm has announced a target of $5 billion in savings through 2026, with reduced headcount a priority to cut costs in the short term.

The new chief executive’s strategy also includes a plan to simplify its offerings and offer customers perks and discounts via a new loyalty programme.

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