Q Talk

[Bella2022]

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

[They Call Me MR Wilkes]

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.

[febe1]

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@Bella2022 wrote:

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

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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. 

[On It]

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

[They Call Me MR Wilkes]

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.

[We rescue cats]

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.

[Mindy D]

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@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.

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@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.

[Meowingkitty]

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. 

[Shelbelle]

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

[stevieb]

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@febe1 wrote:

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@Bella2022 wrote:

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

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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. 

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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.