Signage at a CVS Pharmacy store in San Francisco, California, U.S., on Monday, Aug. 2, 2021. CVS Health Corp. is expected to release earnings on August 4. Photographer: David Paul Morris/Bloomberg via Getty Images
CVS Health will lay off 140 of its Massachusetts employees in October as part of its plan to eliminate 5,000 positions across the entire company.
According to a WARN notice filed with the state Friday, 76 employees in Boston and 64 employees in Wellesley will be let go on Oct. 21. Customer-facing staff in stores, pharmacies, clinics, or customer services centers will not be affected, according to CVS Health.
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“Our industry is evolving to adapt to new consumer health needs and expectations. As part of an enterprise initiative to reprioritize our investments around care delivery and technology, we must take difficult steps to reduce expenses,” the company said in a statement.
CVS Health recorded a $496 million restructuring charge in Q2 to cover severance and other employee-related costs related to the cuts. CVS executives said they expect the layoffs to create $600 million in savings, which will contribute to the company’s goal of cutting $800 million in cost.
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