RIPR News
6:14 pm
Thu October 28, 2010

CVS laying off 300 employees

Providence, RI – Rhode Island based pharmacy giant CVS is laying off hundreds of employees- including one hundred fifty people in Woonsocket.

Three hundred people will lose their jobs across the country- half of them are employees at the Woonsocket customer support center.

CVS says the lay-offs are part of a move to further efficiencies within its business. The pharmacy giant cut its annual profit forecast by about nine cents a share in July.

The company employs more than six thousand people throughout Rhode Island.

This month CVS pledged to pay 77 million dollars, the largest fine in the history of the controlled substances act, for failing to monitor the sale of pseudoephedrine- a common ingredient in methamphetamine.

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