CVS has confirmed that the company will be cutting around 2,900 jobs.
Chiefs have revealed that the drugstore chain will be investing in new technologies.
CVS chiefs have confirmed a program of mass layoffsAFP
Bosses revealed that the cuts will primarily impact those within the corporate sector, per the CBS affiliate WPRI-TV.
Mike DeAngelis, a spokesperson, explained that the job losses are a consequence of changing shopping trends, expectations, and disruption.
The cuts are part of a $2 billion cost-cutting drive that’s intended to reduce expenses within the business.
Chiefs will also look at ways to boost efficiency within the company.
Execs have warned how vital it is for the company to remain competitive.
They also tried to give a reassuring message to shoppers.
“The reductions will not impact front-line jobs in our stores, pharmacies, and distribution centers.”
Earlier this year, CVS cut its annual profit forecast but the chain’s chief financial officer, Thomas Cowhey, revealed the company plans to boost its margins next year.
The slew of job losses come just months after CVS chiefs cut around 5,000 jobs.
In a memo seen at the time by the Wall Street Journal, CEO Karen Lynch hinted the company would be turning to technology moving forward.
She revealed that the firm would be cutting back on travel expenses and some business initiatives would be scrapped.
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