CVS to layoff nearly 3,000 employees nationwide

I thought the economy was thriving? Whatever the politicians are telling us, I guess I'm not believing it after reading about the Salt Life stores closing, and now CVS getting ready to layoff nearly 3,000 employees across the country. This is just another group of people who will be out of work and need help. It's like there's been so many businesses suffering for the last four years. When will that end?

Why is CVS laying off 2,900 employees? And didn't they layoff a few thousand last year too? What a disaster! Here's what a report on The Hill said about the CVS layoffs:

CVS spokesperson Mike DeAngelis said in a statement to Nexstar’s WPRI that the pharmacy giant will be eliminating 2,900 jobs, citing “continued disruption, regulatory pressures and evolving consumer needs and expectations.”

“It is critical that we remain competitive and operate at peak performance,” DeAngelis added. He said the layoffs make up 1 percent of the company’s overall workforce, and it will be primarily corporate roles that are cut. “The reductions will not impact front-line jobs in our stores, pharmacies and distribution centers,” DeAngelis said.

DeAngelis said the job cuts are part of a $2 billion cost-saving initiative designed to not only reduce expenses, but also invest in technologies to enhance efficiency and workflow. The layoffs come as the business has been facing business challenges.

View: https://www.youtube.com/watch?v=V5xa0JIMTCA