I work at Verizon in the real estate lease and property department. My job is to manage leases for corporate stores and find and lease locations for new Verizon stores. I feel it's my duty to tell everyone whats going on because when stores close I will most likely lose my job as I wont be needed anymore. I have a wife, kids, mortgage, student loans, medical bills and some other debts so trust me I know how you guys feel on the front lines. Take the following information and prepare yourself and your family.
*Stage 1- Stores will open one hour later and close 1 hour earlier.
*Stage 2- Stores will close earlier on sundays.
*Stage 3- Some stores will be out right closed on Sunday. (If your store is closing on sunday that means the store is NOT profitible)
*Stage 4- Stores will combine and some layoffs will occur. (for example store A and store B will become one store and the store with the lowest rent/overhead will be chosen)
*Stage 5- Verizon will not seek to renew leases on locations this is when stores will start to close. The average lease will expire around the 2019/2020 timeframe (I was told this would happen no later than 2020 for stores not producing a profit. This is near the date of the 50 shares vesting that were gifted to employees, it will be part of a severence package when stores close)
*Stage 6- Final Stage- Behind the scenes your stores lease will run its course and expire, 3 months before this date employees at the condemned stores will be notified to make final plans and prepare.
Please use this information to prepare. I will not post on here again I wish you all well we are in this together because without stores to mange its only a matter of time for me. And I could no longer look employees in the face and act like everything is ok.