Pharmacy chain CVS Health announced it will be laying off nearly 3,000 employees. Most of the positions will come from corporate.

CVS, which is based in Rhode Island, has about 300,000 total employees, 9,000 retail locations and more than 1,000 walk-in clinics, as well as health insurer Aetna, which is headquartered in Hartford, Conn. It’s one of the largest private employers in New England.

Times are tough for many businesses and their workers this year, and CVS is the latest to announce cost-cutting measures that include laying off 2,900 employees of its healthcare business. A CVS spokesperson told CBS that the cuts represents about 1 percent of the CVS Health workforce and are part of a goal to reduce costs by $2 billion.