Pharmaceutical chain to cut thousands of jobs

Big changes are expected to place at another major pharmaceutical chain.

CVS Health plans to cut about 2,900 jobs, according to multiple news reports.

CVS Health confirmed those plans to Forbes, which said that the jobs amount to less than 1% of its total workforce.

“Our industry faces continued disruption, regulatory pressures, and evolving consumer needs and expectations, so it is critical that we remain competitive and operate at peak performance,” CVS said in a memo to employees obtained by Forbes “As we previously disclosed, we’ve embarked on a multi-year initiative to deliver $2 billion in cost savings by reducing expenses and investing in technologies to enhance how we work. To achieve this goal and position ourselves for sustainable growth, we will reduce our workforce by less than 1 percent – approximately 2,900 colleagues across CVS Health.”

CVS told Forbes the positions impacted are “primarily corporate roles” while “front-line jobs” in stores, pharmacies and distribution centers would be spared,

CVS isn’t the only pharmaceutical chain going through changes. Rite Aid closed more than 800 stores through bankruptcy proceedings. The chain exited bankruptcy as a private company last month. Walgreens has also said it would close a substantial number of its roughly 8,600 locations across the United States, according to CNN.