OAN Staff James Myers
9:45am – Wednesday, October 2, 2024
CVS Health said in a statement Tuesday that it plans to cut 2,900 jobs to cut costs.
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“We have embarked on a multi-year effort to realize $2 billion in cost savings by reducing expenses and investing in technology that enhances the way we work,” a spokesperson said in a statement.
The number of employees who have been laid off represents less than 1% of CVS Health's (CVS) workforce.
“The positions affected are primarily corporate roles. These reductions will not impact front-line jobs in our stores, pharmacies or distribution centers,” the spokesperson added.
The layoffs join more than 5,000 layoffs announced since last year. In 2021, CVS Health announced it would close approximately 900 stores between 2022 and 2024.
“Our industry faces continued disruption, regulatory pressures and evolving consumer needs and expectations,” a spokesperson said on Tuesday.
The cuts come as shoppers increasingly buy items online at Amazon and major chains like Target, Walmart and Costco. Additionally, Dollar General's growth is also impacting local drugstore chains.
Additionally, CVS is reportedly conducting a strategic review of its business, which could include breaking up its healthcare company. wall street journal Reported.
Additionally, CVS Health is making additional investments in robotics as well as artificial intelligence “to further automate, reduce costs, and improve the experience for all our constituents,” according to its latest annual report. It is said that he is going there.
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