Verizon reportedly planning major store closures and layoffs

Core Insights - Verizon is reportedly planning to close several retail locations and lay off employees as part of a broader restructuring initiative, with an official announcement expected around November 20 [1][5][10] - The layoffs may affect employees at both closing and remaining locations, particularly underperforming stores [2][10] - There is significant internal concern among employees regarding job security, with reports of reduced income for sales representatives [3][12] Company Strategy - Verizon has been investing heavily in artificial intelligence (AI) to modernize operations and support future growth, with a focus on integrating AI into its services [5][6][12] - The company launched Verizon AI Connect to deploy large-scale AI workloads, leveraging its 5G, fiber, and edge-computing networks [6][8] - CEO Daniel Schulman emphasized a strategic shift towards efficiency and customer experience, with plans to reduce costs while enhancing service through AI [11][12][13] Industry Context - The retail landscape is experiencing significant pressures, with a trend of increasing store closures as companies adapt to digital services and AI automation [14][15][16] - Coresight Research forecasts that U.S. store closures could reach around 15,000 this year, reflecting broader challenges faced by traditional brick-and-mortar retailers [16][17] - Major U.S. retailers have reported a 29.6% decrease in openings and a 334.3% increase in closures in 2025 compared to 2024, indicating a shift in the retail environment [17]