Tags: CVS Health | healthcare | Obamacare | job cuts

CVS Cuts 600 Jobs as Healthcare Industry Struggles With Obamacare

CVS Cuts 600 Jobs as Healthcare Industry Struggles With Obamacare

(Dreamstime)

By    |   Thursday, 03 November 2016 02:10 PM EDT

CVS Health Corp. is cutting 600 corporate jobs from offices in Rhode Island, Illinois and Arizona as the healthcare industry struggles with Obamacare, according to press reports.

"CVS Health is committed to Rhode Island and we are proud to be part of this community," Michael DeAngelis, a company spokesperson, told NBC 10. "While approximately 250 positions will be affected here, we will continue to employ more than 7,600 people throughout Rhode Island."

CVS has fallen 18 percent in the past year to about $82.19 a share by 2:11 p.m. New York time. It hit a 52-week low of $81.63 earlier in the day.

The company employs more than 240,000 people in the U.S., with many of those store level positions at 9,600 pharmacies, according to MarketWatch.

“We have determined that changing market dynamics and the increasingly competitive environment require us to operate as a more lean and efficient organization,” the company said in a statement.

Many of the layoffs will be at CVS's main headquarters at One CVS Drive, Woonsocket and some cuts were made to national positions, sources told NBC 10.

Sources said the layoffs affected Omnicare general management positions. CVS acquired Omnicare in a $12.7 billion deal in 2015. Omnicare, a provider of pharmacy services to long-term care facilities, had 13,000 employees at 160 locations in 47 states across the U.S. at that time.

 

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StreetTalk
CVS Health is cutting 600 corporate jobs from offices in Rhode Island, Illinois and Arizona, according to press reports.
CVS Health, healthcare, Obamacare, job cuts
228
2016-10-03
Thursday, 03 November 2016 02:10 PM
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