According to the pharmacy chain’s Tuesday announcement, CVS is laying off about 5,000 employees in an effort to reduce expenses.
According to a statement reports, layoffs will affect “non-customer facing positions,” which translates to mostly business employees. CVS stated it is “evolving to adapt to new consumer health needs and expectations” and that it “must take difficult steps to reduce expenses.”
“We do not expect there to be any impact to our customer-facing colleagues in our stores, pharmacies, clinics, or customer services centers,” the Rhode Island-based corporation stated.
According to the Wall Street Journal, which broke the story, CVS is shifting its focus to health services generally. The “HealthHub” store concept has been rolled out to other locations and the chain’s primary care offerings have been enhanced in recent years.
Since day one, our company has been at the forefront of our field by always responding to shifting market conditions. CVS stated the tough choice it was making would ensure the company’s future success. Roughly 300,000 employees are working for the company.
In 2021, CVS made public its plan to close 900 shops, or roughly 10% of its total, in response to shifting “consumer buying patterns.”
The announcement comes the day before CVS is scheduled to release its quarterly earnings.
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