CVS laying off nearly 3,000 workers

CVS is laying off nearly 3,000 workers in an effort to slash costs.

The company announced that it will cut less than 1% of its workforce, primarily corporate roles.

“Our industry faces continued disruption, regulatory pressures, and evolving consumer needs and expectations, so it is critical that we remain competitive and operate at peak performance,” the company said in a statement. “As we previously disclosed, we’ve embarked on a multi-year initiative to deliver $2 billion in cost savings by reducing expenses and investing in technologies to enhance how we work.” they added.

The reductions will not impact front-line jobs in stores, pharmacies, and distribution centers.

“Decisions on which positions to eliminate were extremely difficult and do not diminish the value that impacted colleagues have brought to the company,” CVS said.

Employees who will be part of layoffs will receive severance pay and benefits, including access to outplacement services. Affected employees will be notified this week.

“We remain focused on our mission – continuing to provide the exceptional care and support our patients, members, clients, and customers deserve and depend on,” CVS said.

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