CVS has announced that they will be laying off 2,900 mostly corporate employees as part of a $2 billion cost-saving initiative. This comes just over a year after the pharmacy giant laid off 5,000 employees.
CVS spokesperson Mike DeAngelis said in a statement to Nexstar's WPRI that the pharmacy giant will be eliminating 2,900 jobs …
He said the layoffs make up 1 percent of the company's overall workforce, and it will be primarily corporate roles that are cut.
‘The reductions will not impact front-line jobs in our stores, pharmacies and distribution centers,' DeAngelis said.
"It is critical that we remain competitive and operate at peak performance," DeAngelis said in a statement, citing "continued disruption, regulatory pressures and evolving consumer needs and expectations" as the company's reason for the layoffs.
He says CVS is trying to cut costs company-wide, which will allow them to invest in more technologies to "enhance efficiency and workflow."
Employees will be notified of the layoffs this week, and luckily they don't seem to be isolated to any particular office or region. However, CVS will file a Worker Adjustment And Retraining Notification in Rhode Island, where they're headquartered. This would mean the company is "planning to close or discontinue a facility of more than 50 workers, lay off between 50 and 499 workers if that number represents at least 33 percent of the company's workforce, or lay off 500 or more workers at a single site."
Best economy ever, am I right?
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