Core Viewpoint - Verizon plans to lay off at least 15,000 employees and convert 180 stores to a franchise model, marking the largest restructuring in the company's history [1][3]. Group 1: Layoff Details - The layoffs will affect approximately 15% of Verizon's total workforce, with reports suggesting that the total number of job cuts could reach up to 20,000 [3]. - This restructuring is part of CEO Dan Schulman's initiative to streamline the company and reduce management positions by over 20% [3]. - Verizon has already cut nearly 20,000 jobs over the past three years, and by the end of 2024, the total number of employees in the U.S. is expected to be around 100,000 [3]. Group 2: Market Challenges - Verizon is facing challenges in customer growth due to increased competition from rivals offering lower-priced plans and the entry of cable companies like Comcast and Charter Communications into the wireless market [3]. - Schulman has emphasized the need for a complete transformation of the company, focusing on cost restructuring and operational efficiency [3].