CVS Announces Massive Layoffs

August 1, 2023 1:34 pm

(ABC News) – CVS Health is laying off 5,000 employees as part of an effort to shed costs, the retail and pharmacy chain confirmed on Tuesday.  The layoffs will primarily affect “non-customer facing positions” such as corporate roles, the company said, adding that it does not expect the move to impact brick-and-mortar stores, pharmacies and clinics.  “Our industry is evolving to adapt to new consumer health needs and expectations,” CVS told ABC News in a statement. “As part of an enterprise initiative to reprioritize our investments around care delivery and technology, we must take difficult steps to reduce expenses.”  Laid-off workers will receive severance pay and benefits, the company said, including access to “outplacement services” to help find a job elsewhere.  “We’re committed to supporting impacted colleagues,” the company said.