I’m missing the point of so many other topics being discussed under LAYOFFS for Omnicare/CVS. 🧐
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Definitely know about that article @tam+1r5NXeY2 but I know people who come here wanting information that our bosses just can’t give us “heads up”!
2 weeks old, but for what's it worth...
https://www.mcknightsseniorliving.com/home/news/omnicare-notifying-workers-of-layoffs-this-week/#:~:text=Omnicare%2C%20which%20serves%20senior%20living%20communities%2C%20skilled%20nursing,that%20it%20would%20be%20laying%20off%205%2C000%20employees.
Cincinnati-based long-term care pharmacy provider Omnicare is announcing layoffs this week as a result of a review of operations “and other market dynamics,” a company representative told McKnight’s Senior Living.
Information on the number of individuals who will be affected and their locations was not disclosed.
CVS is seeking to sell its long-term care pharmacy business, which in November 2022 Ly--h said “was no longer a strategic asset” for the company. In November 2023, however, CVS said in a filing with the Securities and Exchange Commission that the sale of Omnicare wasn’t expected “in the near term.”
Tuesday, DeAngelis said that Omnicare employees affected by the layoffs are being notified this week.
“They will have an opportunity to apply for other positions at CVS Health for which they may be qualified and will receive prioritized consideration,” he said. “Colleagues who are not placed in other roles will be eligible to receive severance pay and benefits, including access to outplacement services.”
Omnicare, DeAngelis said, will “remain committed to delivering best-in-class operational performance, clinical services and financial offerings to our long-term care customers and residents.”
CVS acquired Omnicare in 2015 for $10.4 billion plus the assumption of $2.3 billion in Omnicare debt, according to published sources.
CVS reported a $2.5 billion loss related to the long-term care pharmacy business in the third quarter of 2022, and in the first quarter of 2023 recorded a $349 million loss “to write-down the carrying value of the LTC business to the Company’s best estimate of the ultimate selling price which reflects its estimated fair value less costs to sell,” the company said in an SEC filing.
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