The pharmacy chain CVS Health announced the layoff of approximately 2,900 employees in the United States as part of a strategic plan to reduce costs and increase operational efficiency.
This measure represents 1% of its total workforce and is part of a series of store closures scheduled between 2022 and 2024. According to CNN, the company estimates that this measure can save $2 billion.
They made the decision based on the context of the economic crisis, due to factors such as inflation, the coronavirus pandemic, and increased competition in the retail sector.
They claim that these aspects have forced them to restructure in order to remain among the competitive companies. They pointed out that these layoffs are part of an effort to adapt to the new market demands and improve their long-term profitability.
In addition to reducing costs with these layoffs, their recovery strategy includes plans to invest in emerging technologies, such as Artificial Intelligence. The goal is to automate processes and enhance the customer experience, reducing operational costs.
This announcement comes at a time when the United States economy is facing significant challenges. Since the beginning of the pandemic in 2020, the country has dealt with the highest inflation in decades, as well as the effects of various global crises.
The U.S. economy has shown signs of recovery in the past year, but the impact of these difficulties continues to affect various sectors, including retail and pharmaceuticals.
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