Today, Verizon told 274 corporate stores that it will sell them off to authorized dealers and around 2,500 employees will be impacted. Another 500 corporate employees were also let go.
It’s the latest in heavy-handed restructuring moves since new CEO Dan Schulman took over in October of last year. He previously sold off 179 corporate stores and let 13,000 people go within his first few months.
In Schulman’s opening note to Verizon employees on the day he took over, he promised to make Verizon a “simpler, leaner, and scrappier” company. The only way anyone should have interpreted those words was by assuming massive layoffs were on the way. Schulman delivered there.
This likely won’t be the end of these types of moves, as Schulman is obsessed with AI and the pain it will inflict on the world. Remember, Schulman previously shared his love for the worst parts of AI, by admitting that he’s had AI write poetry to send to his wife, recommends employees talk to their kids about AI while eating dinner, and that they should consider having AI write their own obituary.
He’s also predicted that we could see 20% to 30% unemployment in the next couple of years because of AI. He’s called that idea “authentic” and thinks other CEOs should be as open as he is about how awful AI will make our futures.
If there are ways for Schulman to keep cutting, he’ll find them, that seems clear.
Of the stores that have closed, Verizon did not say what would happen to the 2,500 retail employees impacted. However, reddit is filled with folks whose stores have closed. Maybe these indirect stores that are taking over will bring them on. One can hope.
But hey, they have that cheap new Simplicity plan.
// Fierce
