Verizon plans to lay off 3,000 employees and convert some stores to a franchise model

Glonghui July 17｜Mobile communications operator Verizon announced it will lay off around 3,000 employees from its directly operated retail stores, while transferring 274 stores to independently owned operators. These changes will officially take effect on August 16. After the transformation, Verizon will continue to directly operate 1,000 of its own stores, with an additional 5,000 stores operated by independent franchisees. This round of layoffs is a continuation of the larger workforce reduction plan implemented at the end of last year. At the end of last year, Verizon announced it would cut about 20% of its non-union employees, involving approximately 13,000 staff.