Home Industries Health Services CVS issues notice of another round of layoffs as part of plan...

CVS issues notice of another round of layoffs as part of plan to cut 2,900 jobs

By

Katie Castellani

-

11/29/2024

CVS HEALTH CORP. has notified state labor officials that it is laying off another 796 employees as part of its plans to cut 2,900 jobs companywide./ AP FILE PHOTO/GENE J. PUSKAR

WOONSOCKET – CVS Health Corp. notified state labor officials that it is laying off another 796 employees as part of its plans to cut 2,900 jobs companywide. Of the 796 employees, just 12 work in Rhode Island. The rest are remote workers who report to executives in the Ocean State, according to a Worker Adjustment

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WOONSOCKET – CVS Health Corp. notified state labor officials that it is laying off another 796 employees as part of its plans to cut 2,900 jobs companywide. Of the 796 employees, just 12 work in Rhode Island. The rest are remote workers who report to executives in the Ocean State, according to a Worker Adjustment and Retraining Notification, or WARN notice, sent to the R.I. Department of Labor and Training on Nov. 25. This brings the total number of workers with Rhode Island ties affected by CVS’ layoff plans to 1,428, with 165 who work in Rhode Island. In an earlier round of layoffs in October, CVS announced it was eliminating the jobs of 632 employees who report to its company headquarters, including 153 who work in Rhode Island. All of these layoffs are part of a plan announced in September to cut 2,900 positions companywide – or less than 1% of CVS' workforce – as part of a goal to cut expenses by $2 billion. The latest round of layoffs is expected to happen from Jan. 25 to Feb. 7. Shelly Bendit, a spokesperson for CVS, said the layoffs also affect employees for the drug infusion services provider, CoramRx LLC. CVS unveiled plans to cut back its core infusion business and close or sell 29 pharmacies – none of which are located in Rhode Island. CVS will discontinue infusion services for antibiotics, inotropic medications, and total parenteral nutrition, along with other acute home infusion therapies. The pharmacy retailer will continue providing infusion services for specialty medications and enteral nutrition nationwide. Coram has three national hub pharmacies located in Minnesota, Pennsylvania and California to serve as centers for specialty medication infusion and enteral nutrition services. Workers affected by the layoffs will receive severance pay and benefits, including access to outplacement services, Bendit said. Katie Castellani is a PBN staff writer. You can reach her at Castellani@pbn.com.