Despite solid Q4 2008 earnings, Verizon Wireless is apparently not layoff-proof in this struggling economy but then no company is. Rumor has it that Verizon is in the process of an unannounced work force reduction that began yesterday, February 9th. The rumored layoffs will continue through the end of the month and will affect an unknown number of employees from management level down. As always is the case, low performing employees and those facing disciplinary action are at the highest risk of losing their jobs. This is certainly a difficult economic time and even successful companies may be prompted to let employees in an effort to minimize the impact of the downturn. We hope that this rumor is not as dire as it seems but if it does pan out our condolences are certainly with all who are affected.
UPDATE: Here’s what we think happened after talking with some people in the know… it seems as if this is concerning employees associated with Circuit City (estimated at around 240). Since they are Verizon Wireless employees, Verizon is said to have tried and relocated as many of them as possible to other stores, etc. We’re told that the employees that were let go got severances packages including outplacement services to help them find other employment.