Verizon Communications, the largest U.S. wireless carrier, plans to lay off approximately 3,000 employees. The majority of these cuts, around 2,500, are associated with a significant change in their retail store strategy. Verizon will divest 274 of its retail stores to franchise owners. Following this divestiture, the company will retain around 1,000 company-operated stores. An additional 500 layoffs will affect corporate employees. A Verizon spokesperson stated that typically 70% of impacted employees find new roles with the franchise locations. The company also assured that 93% of the U.S. population will remain within a 30-minute drive of a Verizon store. These changes are set to take effect on August 16th. This follows a substantial layoff of 13,000 workers at the end of 2025 as part of a restructuring effort. Investors are closely watching Verizon's stock performance and will look for updates on the impact of these restructuring efforts on the company's financial results.