Home Industries Health Services CVS to lay off 2,900 workers companywide in new round of job...

CVS to lay off 2,900 workers companywide in new round of job cuts

Updated at 6:54 a.m. Tuesday, Oct. 1

By

Katie Castellani

-

09/30/2024

Evelyn Kim — CVS HEALTH Corp. told employees Monday it will lay off thousands of employees as part of efforts to cut costs. / AP PHOTO/CAROLYN KASTER

WOONSOCKET – CVS Health Corp. told its employees Monday that it will lay off thousands of employees as part of efforts to cut costs, but the company isn’t saying how many of those layoffs will take place in Rhode Island. The company is also reportedly exploring a breakup, according to several news reports. Around 2,900

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WOONSOCKET – CVS Health Corp. told its employees Monday that it will lay off thousands of employees as part of efforts to cut costs, but the company isn't saying how many of those layoffs will take place in Rhode Island. The company is also reportedly exploring a breakup, according to several news reports. Around 2,900 positions – taking up less than 1% of the company’s workforce – will be laid off, CVS spokesperson Michael DeAngelis told Providence Business News. Most of the affected positions are corporate roles, and the layoffs will not affect front-line workers in stores, pharmacies and distribution centers. The CVS corporate headquarters are located in Woonsocket. DeAngelis said a majority of the affected employees will be notified this week. When asked how many workers would be laid off in Rhode Island, DeAngelis said more details would be available once CVS files a Worker Adjustment and Retraining Notification, or WARN, with the state, which is expected next week. The federal notification law requires companies to alert the R.I. Department of Labor and Training before laying off a significant number of workers. DeAngelis said the layoffs are part of CVS’ goal to cut costs by $2 billion through reducing expenses and investing in technologies used in the workplace. “Our industry faces continued disruption, regulatory pressures and evolving consumer needs and expectations, so it is critical that we remain competitive and operate at peak performance,” DeAngelis said in an email. Employees who are laid off will receive severance pay and benefits, including access to out-placement services. This marks a second round of layoffs at the pharmacy retailer. In August 2023, CVS cut 5,000 jobs companywide, including 198 Rhode Islanders. (ADDS 2nd paragraph with reports on potential breakup.) Katie Castellani is a PBN staff writer. You can reach her at Castellani@pbn.com.