WOONSOCKET, R.I. (WPRI) — CVS Health has notified Rhode Island regulators it plans to lay off 632 in-person and remote workers employed out of the company’s headquarters starting on Dec. 8, Target 12 has confirmed.
The pharmacy giant outlined the layoffs in a federally mandated layoff notice filed with the R.I. Department of Labor and Training on Monday.
“We are writing to inform you that CVS Health will be conducting a mass layoff at its facility
located at One CVS Drive, Woonsocket, Rhode Island and its surrounding facilities,” CVS officials wrote in the notice.
CVS announced on Sept. 30 it planned to get rid of nearly 2,900 workers nationwide as it looks to cut $2 billion in expenses amid disappointing financial results. The company’s board is also reportedly exploring whether to break up CVS into separate entities.
“There isn’t a straightforward answer for CVS,” The Wall Street Journal’s David Wainer wrote last week. “It could yet find a way to extract value from its disparate businesses while they stay together. But after so many years of struggles, it is clear that something significant needs to happen to give the company a new direction.”