Verizon cuts 500 corporate jobs in latest restructuring move
U.S. telecommunications company Verizon has announced plans to sell 274 company-owned retail stores and eliminate around 500 corporate positions as part of its ongoing restructuring programme.
The company said the changes will affect approximately 3,000 retail and corporate employees overall.
Following the sale, which is expected to take effect on August 16, Verizon will retain ownership of about 1,000 retail outlets.
The latest move follows additional workforce reductions in May, when the company cut several hundred jobs after announcing in November its largest-ever round of layoffs, which involved more than 13,000 employees.
Source: Reuters
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