Woonsocket, R.I.-based CVS Health plans to eliminate nearly 600 jobs in the company's corporate offices in Rhode Island, Illinois and Arizona over the next two months, according to the Wall Street Journal.
The company has not disclosed which divisions will be affected by the layoffs. Employees affected by the job cuts will be able to apply for different positions within the company. Employees who aren't placed in new positions will receive a severance package.
"We have determined that changing market dynamics and the increasingly competitive environment require us to operate as a more lean and efficient organization," CVS said in a statement, according to WSJ.