Verizon Sheds 274 Stores, Cuts 500 Jobs in Restructuring
VZ is trading near its 52-week low of $38.39 (14% above the low) on light trading volume (0.4× avg).
Summary
Verizon is selling 274 company-owned retail locations and laying off 500 corporate employees, impacting 3,000 workers. The store sales close August 16, leaving Verizon with 1,000 owned stores. This follows a May round of several hundred job cuts and a November announcement of over 13,000 layoffs — the restructuring is deepening. The moves aim to cut costs, but the scale signals ongoing pressure on the wireless business.
At the time of this announcement, VZ was trading at $43.93 on NYSE in the Trade & Services sector, with a market capitalization of approximately $183.4B. The 52-week trading range was $38.39 to $51.68. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.