A major U.S. telecommunications company is set to complete the largest round of layoffs in its history.

According to multiple reports, including by the Wall Street Journal and Reuters , Verizon’s new CEO is planning to cut about 15,000 jobs amid concerns over a shrinking pool of new customers and competition from rivals.

The layoffs, affecting about 15% of Verizon’s workforce, are set to take place as soon as next week, a source told Reuters. The plan also includes turning about 180 corporate-owned retail stores into franchised operations.

Verizon hired CEO Dan Schulman away from PayPal in early October. Verizon has been trying to fend off AT&T and T-Mobile as the nation’s largest wireless carrier.

Verizon added 44,000 monthly wireless subscribers in the third quarter, which was less

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