CHS lays off more than 70 corporate employees

Franklin, Tenn.-based Community Health Systems laid off more than 70 corporate employees this week, sources inside the company told the Nashville Business Journal.

The layoffs, which began April 9, affected employees in the company's information services department and at least one vice president, according to the report.

The layoffs come as CHS is taking steps to improve its financial picture and lighten its debt load. The company put a turnaround plan into place in 2016 and announced plans in 2017 to sell off 30 hospitals. After CHS completed the divestiture plan Nov. 1, the company said it intends to sell another group of hospitals with combined revenue of $2 billion to further reduce its debt.

In April, CHS completed the sale of Bayfront Health Dade City (Fla.), and the company has several other deals in the works. CHS signed definitive agreements earlier this year to sell four hospitals in Tennessee and one in Louisiana

With the help of proceeds from the hospital sales, CHS brought down its long-term debt load from $14.8 billion at the end of 2016 to $13.9 billion at the end of last year. The company ended 2017 with a net loss of $2 billion on revenues of $3.1 billion. That's compared to 2016, when CHS recorded a net loss of $220 million on revenues of $4.5 billion.

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