OCTOBER 1, 2024 — 2,900 CORPORATE EMPLOYEES
Urged by activist investor Glenview Capital Management to restructure and contain costs, CVS announced targeting 2,900 jobs, primarily in corporate roles. The company is exploring the possibility of splitting its pharmacy chain and insurance business, though no final decisions have been made.
A company spokesperson noted the company“maintains a regular dialogue with the investment community as part of our robust shareholder and analyst engagement program. Beyond that, we cannot comment on engagement with specific firms or individuals. The layoffs will not impact front-line jobs in our stores, pharmacies, and distribution centers.”
“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. Before taking this step, we prioritized finding cost savings everywhere we could, including closing open job postings. Decisions on which positions to eliminate were extremely difficult and do not diminish the value that impacted colleagues have brought to the company.”
AUGUST 21, 2023 — IT BEGINS WITH 521 EMPLOYEES
The company has announced a mass layoff of 521 employees, including 306 employees located in Hartford, Connecticut, commencing October 21, 2023, and continuing through December 30, 2023. Others include remote workers reporting to the Hartford location. Most of those terminated are managers and senior white-collar employees.
The company previously announced that it is laying off 5,000 employees in a cost-cutting move as it shifts focus to healthcare services.
AUGUST 1, 2023 — 5,000 CORPORATE EMPLOYEES TARGETED
The company has notified employees that as many as 5,000 employees are facing potential layoffs.
According to a company spokesperson, “Our industry is evolving to adapt to new consumer health needs and expectations. As part of an enterprise initiative to reprioritize our investments around care delivery and technology, we must take difficult steps to reduce expenses. This unfortunately includes the need to eliminate a number of non-customer-facing positions across the company.”
We do not expect there to be any impact to our customer-facing colleagues in our stores, pharmacies, clinics, or customer services centers.”
“We do not anticipate there will be any impact to our clients and customers as we remain focused on our mission – continuing to provide the exceptional care and support our customers, patients, and communities deserve and depend on. 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.
JUNE 10, 2022 — CORAM INFUSION FACILITIES TO CLOSE, 2O8 LAYOFFS.
The company has announced that its recently acquired infusion services subsidiary, Coram, will go from 71 locations nationwide to 35.
Post-acquisition layoffs in Maspeth, New York - 138 employees (9/4/22 - 9/18/22) and Albany, New York - 70 employees (9/4/22 - 9/18/22).
CORAM FACILITY IN MIRAMAR, FLORIDA TO BE SHUT DOWN WITH 73 LAYOFFS
The company has announced the shut down of its Coram facility in Miramar which provides home infusions and on-location tube feeding to patients.
The shutdown will impact 73 employees including primary nurse case managers, pharmacists, clinical support technicians, compounding pharmacy technicians, clinical service liaisons, warehouse reps, pharmacy reps, non-registered nurse clinical service liaisons, clinical nutrition liaisons, operations supervisors, a general pharmacy manager, a regional sales manager, and a medical records rep.
Separations will begin after July 31, 2022, and be completed by September 11, 2022.
DECEMBER 9, 2021 — Original post…
Woonsocket, Rhode Island-based CVS Health Corporation, a healthcare company that owns CVS Pharmacy, a retail pharmacy chain; CVS Caremark, a pharmacy benefits manager; and Aetna, a health insurance provider, has announced forward-looking plans to restructure operations based on population shifts, changes in consumer buying patterns, and future health needs."
According to a company statement, "The company has been evaluating changes in population, consumer buying patterns and future health needs to ensure it has the right kinds of stores in the right locations for consumers and for the business. As part of this initiative, CVS Health will reduce store density in certain locations and close approximately 300 stores a year for the next three years. The company is committed to offering impacted colleagues roles in other locations or different opportunities as part of its overall workforce strategy. These changes will begin in the spring of 2022."
"Our retail stores are fundamental to our strategy and who we are as a company," said Lynch. "We remain focused on the competitive advantage provided by our presence in thousands of communities across the country, which complements our rapidly expanding digital presence."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
