A Tech Giant Is Now Cutting Hundreds of More Jobs

February 14, 2024

A tech giant is now cutting hundreds of more jobs after more than a year of aggressive layoffs, sources report.

Amazon is cutting “a few hundred roles” across its One Medical and Pharmacy units, the company confirmed to CNBC.

“As we continue to make it easier for people to get and stay healthy, we have identified areas where we can reposition resources so we can invest in invention and experiences that have a direct impact on our customers and members of all ages,” Neil Lindsay, who leads Amazon Health Services, wrote in a memo to employees last Tuesday.

“Unfortunately, these changes will result in the elimination of a few hundred roles across One Medical and Amazon Pharmacy.”

Amazon continues to trim its headcount after more than a year of layoffs.

The company cut more than 27,000 jobs between late 2022 and mid-2023, as the tech industry downsized alongside soaring inflation and rising interest rates, reports CNBC.

“At the start of this year, Amazon announced cuts in its Prime Video, MGM Studios, Buy with Prime, Twitch and Audible units.”

CEO Andy Jassy has been aggressively slashing costs, targeting some of the company’s newer and more unproven bets.

A small number of employees were let go in Amazon’s Pharmacy unit last July.

Amazon Chief Financial Officer Brian Olsavsky said on a call with reporters following fourth-quarter earnings last week that the company is still being cautious about headcount expansion.

“Where we can find efficiencies and do more with less, we’re going to do that as well,” he said.

Amazon acquired One Medical for roughly $3.9 billion in July 2022, the third-biggest deal in its history, as part of a multiyear effort to grow its presence in health care.

In addition to acquiring One Medical, it bought PillPack in 2018 as an entry point into the online pharmacy market, and has launched a virtual health clinic service.

In a separate statement Tuesday, Lindsay said Amazon has seen “very strong momentum and positive customer feedback” across its health-care offerings, and that it will continue to invest in them.

For more news and updates like this, opt-in for push notifications.

Also Read: Another Mall Clothing Retailer Now At High Risk of Bankruptcy

Other Economy News Today

A popular essential retailer is now closing 72 locations after filing for an unexpected bankruptcy, the company has confirmed.

Rite Aid has revealed it plans to shutter 72 locations this year after declaring bankruptcy in the fall, reports The-Sun.

Seven of those locations will be located in the Keystone State, with the company hitting a total of 43 closures across Pennsylvania.

Rite Aid filed for bankruptcy in October, and separate filings have slowly revealed which stores the company plans to close.

The drugstore is based in Pennsylvania, and will now close shop across much of its home state, local outlet PennLive reported.

Most of the locations slated to close are across the southern portion of the state.

They cut straight across the region, however, with locations shutting from the Philadelphia suburbs to the border with Ohio.

A number of towns will lose a Rite Aid location.

Paxtang
Greencastle
Sharon
Altoona
Lower Macungie Township
Doylestown
Phoenixville

The locations will be added to the list of stores that have already shut in Pennsylvania.

The total has now reached 43, Penn Live reported.

Rite Aid has moved to shut hundreds of stores nationwide after filing Chapter 11.

The filing came amid controversy surrounding the chain’s opioid prescriptions.

However, Rite Aid is not the only major retailer seeing shutdowns.

Competitors like Walgreens and CVS have also been shutting locations, though at a much slower rate.

Walgreens recently revealed it would close a location in the heart of Times Square.

The New York City version of the chain, Duane Reade, will lose the location, though there are others just blocks away.

Customers at the store found out about the closure from a small paper sign at checkout, which offered instructions on where to go.

That location will close on February 20.

For more news and updates like this, opt-in for push notifications.

Also Read: A US Company Now Declares An Unexpected Bankruptcy

Market News Published Daily 📰

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.

More Market News 📰