- Associated Press - Thursday, November 3, 2016

WOONSOCKET, R.I. (AP) - CVS Health has announced that it is letting go of about 600 employees as it streamlines operations.

The layoffs this month and next mostly affect corporate offices in three states. The Woonsocket, Rhode Island-based company employs more than 240,000 people nationwide.

About 250 jobs are being cut in Rhode Island, 70 in Arizona and 50 in Illinois.

Those losing their jobs will have the opportunity to apply for other positions within CVS Health. Those not placed in other positions within the company will be eligible for a transition package to cover financial and health benefits, outplacement support and career counseling.

Shares of CVS Health Corp. slipped $1.40 to $82.55 Thursday morning, while broader markets climbed slightly. The drugstore chain and pharmacy benefits manager reports on its third-quarter results next Tuesday.

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