CVS to lay off 5000 employees

CVS to lay off 5000 employees

THE WHAT? CVS has announced plans to cut some 5000 roles in a bid to reduce costs. The US drugstore chain said that the cuts will be made to corporate positions in the main and that customer-facing roles would be unaffected.

THE DETAILS Staff affected by the cuts will receive severance pay, benefits and help with finding another job. The company is also cutting back on the use of consultants and vendors and reducing travel budgets. It will also invest in technology as part of a drive to increase productivity.

THE WHY? CVS said that the move was part of a wider strategy to focus its resources on health care services.

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