Verizon is set to cut at least 15,000 jobs and convert 180 stores into franchises, marking its largest downsizing ever, according to reports from Reuters, the Wall Street Journal and Bloomberg on Thursday, Nov. 13, citing anonymous sources.

The wireless carrier is struggling with market pressures from fewer new customers, as competitors offer cheaper plans and cable companies, including Comcast and Charter, are entering the market.

The layoffs are reportedly set to take place as soon as next week and will affect about 15% of Verizon's workforce . Converting company-owned stores into franchises will remove those employees from the telecom giant's payroll, and according to Bloomberg, up to 20,000 jobs will be cut.

The cuts will reduce non-union management positions by over 20% a

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