Maxwell Caldwell-CVS to lay off 5,000 employees as it slashes costs

2025-05-03 21:46:53source:Coxno Exchangecategory:Stocks

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:Stocks

Recommend

Mets have visions of grandeur, and a dynasty, with Juan Soto as major catalyst

NEW YORK — What exactly constitutes a dynasty in professional sports? Steve Cohen helped define it t

Attorney: Teen charged in shooting of San Francisco 49ers rookie shouldn’t face attempted murder

SAN FRANCISCO (AP) — The attorney for a 17-year-old high school senior charged in the daytime shooti

2024 MTV VMAs: Suki Waterhouse Shares Sweet Update on Parenthood With Robert Pattinson 

It certainly wasn’t a cruel summer for Suki Waterhouse.Not only did the Daisy Jones and the Six star