CVS Health is laying off around 2,900 people to cut costs, the company announced on Tuesday.
“We’ve embarked on a multi-year initiative to deliver $2 billion in cost savings by reducing expenses and investing in technologies to enhance how we work,” a spokesperson said in a statement, per CNN.
Related: ‘Tough Day For All of Us:’ Intel CEO Announces Layoffs Affecting 15,000 People
Experts say several factors are causing the industry to struggle as a whole, including online shopping. Consumers are buying toiletries and personal items from Amazon, Walmart, and other large online retailers. Meanwhile, big box stores like Costco are cutting into what was once considered staple buys at drugstores, like
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