CVS Layoffs: Corporate HQ in Woonsocket Announces Cuts

WOONSOCKET, RI – CVS, the pharmaceutical giant, is laying off about 250 Rhode Island employees, the company announced Thursday.

The good news, according to Michael DeAngelis, corporate spokesman, is some 7,600 Rhode Islanders will still have jobs at CVS.

"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," he said.

"Following a thorough evaluation process, we have determined that changing market dynamics and the increasingly competitive environment require us to operate as a more lean and efficient organization," DeAngelis added. "As a result, we are eliminating a small percentage of positions at CVS Health in November and December 2016 in order to focus roles and resources on driving the greatest value for our business while maintaining customer satisfaction."

The layoffs will impact 600 workers in corporate facilities in Rhode Island, Arizona and Illinois, he said.

"Colleagues whose positions are affected are being informed," he said, "and we are working closely with them during this transition. Colleagues will have the opportunity to apply for other positions within CVS Health for which they may be qualified. 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."

Photo of Connecticut CVS by Mike Mozart via Flickr