Nearly 800 CVS Health employees will lose their jobs in early 2025, including a dozen workers tied to the company’s northern Rhode Island headquarters. The layoffs follow an earlier round of job cuts that impacted more than 600 employees based out of the Woonsocket and Cumberland facilities, including 153 Rhode Island residents.
CVS notified state and local officials on Nov. 25, in compliance with federal law requiring 60 days’ notice for mass layoffs. The company’s financial struggles have led to extensive restructuring efforts, with 2,900 jobs being eliminated nationwide—about 1% of its workforce. A declining insurance arm and shifts in the healthcare industry have pressured CVS to reassess its operations.
Many of the affected roles stem from Coram, CVS’ acute home infusion service division, which is closing 29 pharmacies and discontinuing certain services.
Of the 796 workers set to be laid off between Jan. 25 and Feb. 7, 2025, only 12 are based in Woonsocket or its surrounding corporate facilities in Cumberland. The majority of affected employees work remotely in other states but report to Rhode Island supervisors, according to the layoff notice. Positions being cut include management roles, a nurse, an executive assistant, and two senior data scientists.
CVS has been navigating financial uncertainty in recent months. In October, the company replaced its top executive and downgraded its financial forecast for the quarter ending Sept. 30. Its board of directors has also discussed the potential separation of the retail pharmacy and insurance divisions.
Laid-off employees will receive severance pay and job placement assistance, according to CVS. As CVS continues to restructure, concerns grow over its future in Rhode Island and the broader impact on its workforce.