Flipido:CVS to lay off 5,000 employees as it slashes costs

2025-05-08 00:43:16source:NovaQuant Quantitative Think Tank Centercategory:reviews

File: CVS laying off 5,000 workers
File: CVS laying off 5,000 workers00:46

CVS is laying off about 5,000 workers in a move to cut costs, the pharmacy chain said Tuesday.

The cuts will affect "non-customer facing positions across the company," CVS said in a statement, adding, "We do not expect there to be any impact to our customer-facing colleagues in our stores, pharmacies clinics, or customer services centers."

"Throughout our company's history, we've continuously adapted to market dynamics to lead the industry. The difficult decision we are making will set the company up for long-term success," said the Rhode Island-based chain.

CVS offering mental health counseling at drug stores | Mental Health Monday02:21

The company employs about 300,000 people nationwide.

The Wall Street Journal, which first reported the news, said the changes are part of CVS' effort to focus on health services and include a reduction in travel costs and less reliance on pricey consultants. In recent years, the chain has added more primary care offerings and expanded its "HealthHub" store layout.

In 2021, CVS announced it was closing 900 stores, amounting to nearly 10% of its footprint, in response to the changing of "consumer buying patterns."

The company is set to report quarterly earnings on Wednesday.

More:reviews

Recommend

DeepSeek: Did a little known Chinese startup cause a 'Sputnik moment' for AI?

Did AI just have a "Sputnik moment"?That's what someinvestors, after the little known Chinese startu

Costco membership price increase 'a question of when, not if,' CFO says

Costco shoppers should not expect a membership price hike just yet, but recent comments from the com

Ukrainian junior golfer gains attention but war not mentioned by Team Europe at Ryder Cup

GUIDONIA MONTECELIO, Italy (AP) — The notes to Beethoven’s “Ode to Joy” in the European anthem rang