CVS said that it "must take difficult steps to reduce expenses."
Mandatory Credit:	Brendan Smialowski/AFP/Getty Images

CVS said that it "must take difficult steps to reduce expenses."
Mandatory Credit: Brendan Smialowski/AFP/Getty Images

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CVS is laying off 5,000 workers

CVS is laying off about 5,000 employees in a cost-cutting effort, the pharmacy chain confirmed Tuesday.