The company also plans to convert approximately 200 retail stores into franchised operations, a move that will result in the reduction of additional employees from its payroll.
Verizon (VZ) is set to reduce its workforce by approximately 15,000 employees as it works to cut costs amid intensified competition in the wireless services sector.
People familiar with the matter told The Wall Street Journal that most of the job cuts are expected to occur next week and will be primarily implemented through layoffs. The report said this is the largest set of layoffs to occur at the company to date.
The company also plans to convert approximately 200 retail stores into franchised operations, a move that will result in the reduction of additional employees from its payroll.
Verizon’s stock gained 1.5% in morning trade on Thursday. However, retail sentiment around the telecommunications giants trended in ‘bearish’ territory over the past day.
The report stated that Verizon had approximately 100,000 employees as of February, according to its exchange filings.
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