Over 1000 jobs will be eliminated on 3/25 & 3/26 at the Corp office. They will have counseling onsite and security will be walking employees out. Most of the jobs cuts will be in IT, Finance, HR and Compliance. Retail Pharmacy roles are safe.
Omnicare/Caremark sales, and Aetna intergration costs are killing a once great company. The stock is down 20% since the new cfo was named. The street and investors have no faith in Larry and his bpc team.
Severance will be enhanced for 2019.
My DL was covering my review and bonus award. He looked up and RD and Hr was at door. The enterd when I left. I was sitting in car reading details on % of awards ect ,
Taking couple calls , saw DL leave
Before I did , found out today he's bye bye . Don't know why but that's Georgia for you.
93 people were let go today at Woonsocket and escorted off the lot like criminals! Will I be next?
Why do you think cvs has so many sites? No warn needed if it’s less than 50 PER SITE
RI and Federal WARN will be filed and colleagues will get a non working notice. It’s extra time towards severance and it’s short money for a big company like CVS.
3/25 and 3/26 are the dates.
Enjoy the summer off in a hot job market. It’s a horrible company to work for and its a hot job market.
You’re going to be better off in the long run. CVS is doing you a favor.
It IS true, 250 of us just got laid off and our call center, a MAJOR hub closes May 3rd in Nashville TN.
You need to spend less time on your phone and more working on your store.
WARN notice is a joke. Could they lay-off 500 people are get around it? Yes? Different sites/departments.
Employers with 100 or more full-time workers are affected if they: close a facility or discontinue an operating unit with 50 or more workers; or
If they lay off 50-499 workers (and these workers comprise at least 33% of the total workforce at a single site of employment); or
If they lay off 500 or more workers at a single site of employment
Agreed. They are probably ok with paying whatever fine is associated with not doing a WARN notice
Well I wouldn’t put it past CVS corporate to try to get around this whole “Warn notice requirement” thing, in order to keep something like this as quiet as possible, since they can’t afford anymore bad news.
No layoffs, no warn notice filed in the state of RI. All lies.
It’s not federal law, state specific ! Feds do not pay unemployment
TEVA had big layoffs start date Jan 18th 2018 thru Dec 31st 2018 and I looked up their WARN act (for PA) and it was posted January 2018. My guess is CVS can still file WARN act now and just put a long date range (like TEVA did) and get away with it like that.
Its a lie, by federal law CVS would of have to filed a WARN act notice 60 days before the layoff, i looked up RI warn notices and there is none for CvS.
There is no massive layoffs, might be a small amount of downsizing but not enough to trigger a warn act notice.
No way corporate can keep this quiet, there HAS to be some kind of press release out there somewhere! Although with it's corporate spin masters, cvs will find a way to spin this to make themselves look good. Something like... "We're streamlining our corporate processes to make a seamless experience from corporate right down to our customers." Often times in wall street terms streamlining is a fancy term for layoffs, and for some reason Wall Street seems to LOVE layoffs, as if getting rid of employees is the ONLY way to save a company and bring back the stock price. Disgusting is what it is. I feel bad for those 1000 who are about to have the hammer dropped on them IF it's true. But I too would like some official confirmation! Where can we find this??
Anywhere we can find this news report online to officially confirm it?
Yes true, was announced to the financial community yesterday as a new prospective was sent to investment groups to assure them stock prices could be stabilized quickly . Your company is in a severe situation and your ceo as well . Investors have filed a class action suit of financial fraud
Fake news
Interesting the percentage 64 vs 36 percent. Is that so they can make it look a little more equitable and it won't be over 2/3 of layoffs are at CVS, but less than 2/3rds which sounds better. Looks like they care about the optics.
No BS. The dates actually will be 3/24-3/26 because there are a very select few positions that are weekend specific so a handful will be notified on 3/24. Almost all will be done on 3/25. 3/26 is reserved for those who cannot be contacted on 3/25. The cuts were moved up considerably due to a few key reasons and the pricing pressure on the stock is forcing the hand much quicker than what was planned. Legally, stock price can't be quoted as an impetus, but it's just a unwritten known. Aetna will have layoffs as well. It will be a 64%/36% split with 64% of the layoffs coming from the CVS side. Many project management roles, IT impacted the most, and other support roles will be hit the hardest. Just sad.
No way. BS