CVS Health Cuts 770 RI Jobs in Cost-Saving Restructuring

PROVIDENCE, R.I. (AP) — CVS Health, the Woonsocket-based pharmacy giant, filed notice with Rhode Island officials revealing plans to eliminate nearly 770 positions as part of a massive restructuring effort. The layoffs, which commenced this week, target corporate roles at the company's headquarters and are expected to phase out through December 2024. This move aligns with CVS's earlier announcement to cut 5,000 corporate jobs nationwide to achieve $700 million to $800 million in cost reductions for the year.

The filings, submitted under the federal WARN Act, highlight Rhode Island's outsized exposure, with the bulk of Northeast cuts concentrated in the state where CVS employs thousands. Nearby Connecticut, home to CVS's Aetna subsidiary, will see about 520 positions eliminated, while smaller numbers hit New York (167) and Arizona (134). In Pawtucket, a short drive from Woonsocket, CVS continues to post retail openings, including a store associate position at 601 Smithfield Avenue, amid 338 company jobs listed on Indeed in the area.

Local economists note the timing coincides with Rhode Island's steady unemployment rate hovering around 4%, but the losses could ripple through the Blackstone Valley economy. 'These are skilled positions in a region already navigating post-pandemic shifts,' said John Burkins, director of the state Labor Department. Despite the cuts, CVS's career site promotes warehouse and fulfillment roles, signaling a pivot toward operational efficiency over office-based work.