WPRO News and the Associated Press
Woonsocket based CVS Health announced Thursday morning that the company would be laying off 250 employees in Rhode Island.
The company will be letting go of about 600 employees as it streamlines operations in what it calls an effort to save money and better serve customers.
“CVS Health continually reviews its operations in all of its markets and facilities across the U.S. to enhance efficiencies and ensure the Company remains in the best competitive position to improve the health outcomes of its patients and clients while lowering their overall health costs,” Mike DiAngelis, Senior Director of Corporate Communications said in a statement to WPRO on Thursday.
“CVS Health is committed to Rhode Island and we are proud to be part of this community. While approximately 250 positions will be affected here, we will continue to employ more than 7600 people throughout Rhode Island. Those who are not placed in other positions within the Company will be eligible to receive a transition package to cover financial and health benefits, outplacement support and career counseling.”
The layoffs this month and next mostly affect corporate facilities in Rhode Island, Illinois and Arizona. The company employs more than 240,000 people nationwide.
Those losing their jobs will have the opportunity to apply for other positions within CVS Health. Those not placed in other positions within the company will be eligible for a transition package to cover financial and health benefits, outplacement support and career counseling.
Shares of CVS Health Corp. slipped $1.40 to $82.55 Thursday morning, while broader markets climbed slightly. The drugstore chain and pharmacy benefits manager reports on its third-quarter results next Tuesday.
