WOONSOCKET, R.I. (WPRI) — CVS Health is laying off nearly 3,000 employees nationwide, a company spokesperson confirmed Monday.

The disclosure about job cuts came shortly before national news outlets reported that CVS’s board is considering whether to break up the company, which owns insurer Aetna and pharmacy-benefit manager Caremark in addition to its well-known retail stores.

CVS spokesperson Mike DeAngelis said the Woonsocket-based pharmacy giant will be eliminating 2,900 jobs, citing “continued disruption, regulatory pressures and evolving consumer needs and expectations.”

He didn’t immediately disclose how many of the job cuts will happen in Rhode Island. But company officials said they plan to file a layoff notice with the state next week — a step which is only required when an employer is firing 50 or more employees.

“It is critical that we remain competitive and operate at peak performance,” DeAngelis explained.

DeAngelis said the layoffs make up 1% 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,” he said.

DeAngelis said the layoffs are part of a $2 billion cost-saving initiative designed to not only reduce expenses, but also invest in technologies to enhance efficiency and workflow. The cuts come as CVS has been facing business challenges.

“Before taking this step, we prioritized finding cost-saving everywhere we could, including closing open job postings,” DeAngelis explained. “Decisions on which positions to eliminate were extremely difficult and do not diminish the value that impacted colleagues have brought to the company.”

DeAngelis said the vast majority of impacted employees will be notified this week, although he stressed that the layoffs are “company-wide and not isolated to a single corporate office.” He also said the company plans to file a Worker Adjustment and Retraining Notification (WARN) notice with the state next week.

The WARN Act is a federal law that requires employers of 100 or more full-time workers to give the state 60 days advance notice of mass layoffs. Companies must comply if they’re 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% of the company’s workforce, or lay off 500 or more workers at a single site.

“We are committed to supporting these colleagues, who will receive severance pay and benefits, including access to outplacement services,” DeAngelis said. “We remain focused on our mission – continuing to provide the exceptional care and support our patients, members, clients and customers deserve and depend on.”

The layoffs come more than a year after CVS slashed 5,000 jobs to reduce expenses.

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