CVS Pharmacy Inc is an American retail corporation and a subsidiary of CVS Health, established in 1963 under the name Consumer Value Store, it is now the largest pharmacy chain in the United States. Originally owned by Melville Corporation, CVS Pharmacy became an independent entity when its parent company CVS Health was formed in 1996.
Since then, the retail giant has been on a trajectory of growth, boasting of 9,600+ locations across the nation as of 2016. From over-the-counter medications to a wide range of health and beauty products, the shelves of CVS stores cater to diverse needs.
To optimize operations and adapt to shifting consumer health demands, CVS Pharmacy has confirmed plans to lay off approximately 5,000 employees. The cost-cutting measure, primarily impacting non-customer facing roles within the corporate staff, aims to streamline the company’s structure and ensure its long-term sustainability.
In a statement given to CNN, CVS emphasized the need to evolve and meet new consumer health expectations in a rapidly changing healthcare landscape. The company acknowledged that such adaptations require difficult decisions, including workforce reductions but assured its customers that the layoffs would not impact the customer-facing roles in its stores, pharmacies, clinics, or customer service centers.