- that Walgreens the store that had tons of FS payroll and really invested in their stores is now falling apart while CVS which has essentially cut stores to below minimum staff and done the bare minimum (if even that) in updating is doing so well.
8 replies (most recent on top)
@11UOUDKQ-1nof... Not bitter, just that I know how corporate will say “affected employees will be given the opportunity to transfer to other cvs pharmacy locations”. Except, what if those stores have no hours to give? Or what if there’s no other cvs location nearby? Or the nearest cvs store is too far away to reasonably travel? LIke the nearest store is an hour+ away. I understand completely the idea of closing unprofitable locations for business reasons. But all “cutbacks” always happen to the little guy, while the head honchos make sure they still get their raises and bonuses. And this isn’t bitterness it’s the sad truth of working for a large corporation. Perhaps cvs should have been less concerned with store count, and been a little more cautious with opening new locations, and then maybe we wouldn’t have so many unprofitable stores, and so many people in danger of losing their jobs.
@11UOUDKQ-ech
I agree with you. There's too many garbage programs flying around and not enough accountability for their value.
@11UOUDKQ-wil
I've been laid off and I've had to lay some of my own staff off before. It's a hard thing to do and a good manager will do it with empathy and support. In my case I was able to keep in touch with them, connect them with other job opportunities, and provide strong references. Both were able to get new jobs within six months. These difficulties aside, closing unprofitable stores is completely justified. It's naive to think that CVS would keep stores open as a charity to their cashiers as you suggest. I would agree with you that executive compensation is out of control, that certain corporate groups are ineffective, or that current hours cuts are reckless, but your comments seem to based solely in bitterness and not at all in reason. These stores–and many other low volume stores–should be closed for the better health of the rest.
@11UOUDKQ-fln... You feel bad about affected stores, and you said that you’ve been there yourself. How do you tell a cashier or supervisor there being let go, and this is their only source of income? Very hard to justify layoffs and store closings while the corporate bigwigs get fat bonuses every year! Lay-off a few executives let them feel the pain of being out of work. Oh wait, at least they have a nest egg to fall back on. The average cvs employee probably doesn’t have much.
Unprofitable is one thing and is a correct business decision. Cutting so many hours in the stores to where people are by themselves is just reckless and dangerous. Then to keep screaming about shrink and Carepass abd flu shots and cfr and pogs trucks etc etc is just totally insane. There is no possible way to get it done unless you just stay and work 75 hours a week. Im too old for that sh–. Let larry and all you corporate types that think you are going to get ahead do all that. The rest of us are done cheering for this f—ed up company
@11UOUDKQ-soq
Closing unprofitable stores or closing during unprofitable hours is a great sign for 2020. Small stores that require minimum hours actually steal payroll from larger, more profitable stores. I feel bad for staff who would be affected when their store closes–I've been in that position myself, but this is a positive decision for the business and for other stores in the chain.
This comment to purely an exaggeration on both assessments. CVS beat estimates and so did Walgreens. CVS stock has been pummeled over the past couple years and Walgreens has seen the same misfortune. It's not really comparing apple to apples. With the Aetna acquisition CVS is quite a different company today than it was just a couple years ago. Investors are watching to see how these two giants deal with the changes in the industries they operate. Cutting payroll is simply a reaction to leadership trying to offset the margin loss in RX and stay in line with earning expectations. Living quarter to quarter is difficult and the stores seem to be the easiest place to cut expenses. CVS leaders might want to look at Walgreens when it comes to cutting cost and focus attention on Corporate and distribution. Try growing revenues. Customers are not fools.
Walgreens is doomed...CVS has the PBM to bail it out, but all of us that work in The stores know the retail portion of CVS is done...I have 20 years retail experience and I have a 28 year old pharmacist with no retail experience telling me how to merchandise lol
That won’t last. Undercutting the stores the way cvs is doing right now, is like cutting the feet off of a statue. It’ll fall down. Like it or not, the cvs pharmacy stores are the foundation upon which this company was built and became great. Destroy the stores and watch the empire crumble. Only a matter of time before this rears it’s ugly head. If they chop hours down even further, no telling what will happen. People will quit, when they can’t pay their bills on 3 days a week. Stores will close due to lack of available employees. Figure it out. In fact, 22 stores will be closed for good, early next year. Not a good sign to start the year with closing 22 stores...