topic Re: CVS going under in Q Talk

CVS going under

Bella2022 — Wed, 02 Aug 2023 14:07:34 GMT

Just heard this morning, CVS is laying off 5,000 workers

Re: CVS going under

They CallMe MRWILKES — Wed, 02 Aug 2023 14:16:56 GMT

Why is this equated to "going under?"

It's less than 2% of the total worldwide workforce, involving non-customer facing corporate headquarters positions.

A routine, standard, necessary development that occurs at large corporations daily.

Re: CVS going under

febe1 — Wed, 02 Aug 2023 14:17:23 GMT

@Bella2022 wrote:
Just heard this morning, CVS is laying off 5,000 workers

Oh, that's bad. I used to be in there a lot. They did a lot of road construction and now it's bothersome to get there.

My son worked @ Peoples Drugs while in high school. I think Peoples became CVS. I could be wrong.

Re: CVS going under

On It — Wed, 02 Aug 2023 14:20:41 GMT

CVS reported better than expected profits and earnings amid cost cutting efforts. That was reported today, Aug.2.

Re: CVS going under

They CallMe MRWILKES — Wed, 02 Aug 2023 14:27:39 GMT

Operating Income of $3.2 Billion for the quarter.

Operating Revenue grew a lofty 11% over the same quarter last year! So did costs, so those need to be controlled.

Everything is going fine, operationally.

Re: CVS going under

We rescue cats — Wed, 02 Aug 2023 14:27:16 GMT

It seems that there is a huge shortage of pharmacists, probably due to the explosion of pharmacies that have opened in the past few years. I wonder if this is behind the number of location consolidations that seem to be happening.

Re: CVS going under

Mindy D — Thu, 03 Aug 2023 14:08:25 GMT

@We rescue cats wrote:
It seems that there is a huge shortage of pharmacists, probably due to the explosion of pharmacies that have opened in the past few years. I wonder if this is behind the number of location consolidations that seem to be happening.

@We rescue cats @It's due to exhaustion from being overworked and burnout during the pandemic. Additionally, staff shortages at the time added to them leaving. Many pharmacists and technicians left their jobs due to these two factors.

Re: CVS going under

Meowingkitty — Wed, 02 Aug 2023 14:35:55 GMT

I doubt they are going under. They could consolidate some in my area. I have 3 within 5 minutes of my house plus 2 Walgreens and a Walmart and who knows what's in the Safeway by me. Every time I've been into a CVS to get a prescription they never have it. I went in there last year for Percocet and none of the three by me had it and didn't know when they would be getting more. Drove down the street to Walgreens and had my prescription in 15 minutes. Same for prescription eyedrops for cataract surgery. The three by me, none had the eyedrops and had no idea when they would get more. Same thing, drove down the street to Walgreens and they had the drops. So maybe they need to do a bit of retooling.

Re: CVS going under

Shelbelle — Wed, 02 Aug 2023 15:07:44 GMT

A new one built from the ground up just opened in my daughters neighborhood few months ago.

Re: CVS going under

stevieb — Wed, 02 Aug 2023 15:10:24 GMT

@febe1 wrote:
@Bella2022 wrote:
Just heard this morning, CVS is laying off 5,000 workers
Oh, that's bad. I used to be in there a lot. They did a lot of road construction and now it's bothersome to get there.
My son worked @ Peoples Drugs while in high school. I think Peoples became CVS. I could be wrong.

CVS did take over Peoples, which I remember and miss. The old People's sort of combined the old fashioned drug store and 5 and dime experiences, complete with a lunch counter. CVS, not so much. That said, CVS has become far more than a drug store chain. They've dived deep into the health care industry. They've acquired a number of health related companies. They're putting it out there that the layoffs don't impact customer interface. I guess we'll see. Either way, as noted, profits are reported to be up so assuming layoffs mean they're going under appears, in this instance, to be a leap too far.

Re: CVS going under

eadu4 — Wed, 02 Aug 2023 14:46:04 GMT

@Bella2022 I'd hardly call laying off 5,000 employees for a company the size of CVS as going under. Those employess could be anything from stockers, checkers, warehouse workers, customer service people, office workers etc. I'd say they are just going through and finding out they may not need as many employees since the whole "pandemic" thing ended and may be doing some downsizing of staff. Also with many pharmacies closing in areas due to extreme theft, that could account for a loss of staff as well.

Re: CVS going under

depglass — Wed, 02 Aug 2023 14:46:06 GMT

Yakking with a clerk at our independent pharmacy. He said he was going into physical therapy because there was too much competition in the pharmacy field. (Upper Michigan) ??? But I've also seen the same contradictory stories about truckers on TV. Shortage in one story, surplus in another a day later on another channel.

Re: CVS going under

millieshops — Wed, 02 Aug 2023 14:47:16 GMT

@Bella2022 Doubtful. My understanding of the size and structure of the company makes me think different, but like so very many companies they see a need to shed workers not needed immediately. Seems they no longer feel the need to have extras "just in case."

Those affected aren't who we see in the stores.

Re: CVS going under

Krimpette — Wed, 02 Aug 2023 14:55:30 GMT

IMHO that thread titlle is very misleading. From what I. read, those layoffs are not at the store level. I hardly equate that to "going under". That's how rumors get started!!!

Re: CVS going under

drizzellla — Wed, 02 Aug 2023 14:57:33 GMT

I have no idea what CVS is up to.

Within 2 miles of my house CVS built 4 pharmacies. There are also 2 other pharmacies in the same area.

I can not believe that CVS makes enough profit at those 4 pharmacies to keep all of them open.

Re: CVS going under

ManyMeows — Wed, 02 Aug 2023 15:01:54 GMT

🏩 Too many stores . . . . .

We have 7 stores, far too many for the size of this city. In addition, CVS has some of the highest prices around on prescriptions, food & beverages, and general merchandise. The customer service has sadly declined, and stores that were once busy are now empty.

Re: CVS going under

millieshops — Wed, 02 Aug 2023 15:06:17 GMT

@Mindy D That's happening elsewhere in our local medical offices - especially among the PA's and RPN's and the front desk workers. My primary care appointments are made a year ahead, but that's also true to for any routine visits to see his medical assistants.

Re: CVS going under

Shelbelle — Wed, 02 Aug 2023 15:08:39 GMT

They are very overpriced, even on their own brand.

Re: CVS going under

cindyNC — Wed, 02 Aug 2023 15:36:37 GMT

We live near a cityof roughly 35,000 people with one very small hospital. There are 3 CVS, one Walmart, a few private pharmacies and 2 Walgreens. There are also more CVs and Walgreens in the nearby suburbs as well as pharmacies in Publix and Harris Teeter.

Unfortunately, the clerks in some of these stores are pretty bad. I called to refill 4 prescriptions once and the same clerk kept telling my I couldn't get them refilled. I checked with my drug plan who told me it was not true and reported the issue to CVS corportate. Also had a prescription filled incorrectly after my cataract surgery........even with a typed script from the opthalmologist......when I showed it to him, he called the pharmacy directly.

The funniest thing is that one of the pharmacy clerks kept hitting on my BF whenever we went in to pick up medication. Crazy lady. LOL

Re: CVS going under

Jaspertimes — Wed, 02 Aug 2023 15:33:21 GMT

CVS should go under. They are high as a cat's back. Even with a coupon, they are still quite a bit more than Walmart or Target.