CVS Pharmacy Inc. is expected to layoff 5,000 employees in the weeks ahead as the corporate pharmacy chain continues to shift its focus from retail toward health care.
The laid off workers are anticipated to receive both severance and benefits at the time of termination.
As of 2022, CVS had 300,000 workers employed across more than 9,000 retail stores and 1,1000 clinics nationwide.
The pharmaceutical giant has trended toward expanding its health care services in recent years, including CVS’s $8 billion purchase of Signify Health and $10.6 billion acquisition of Oak Street Health to expand its primary care clinic infrastructure.
