The drugstore chain has struggled in recent years with rising prescription drug costs and dollar store competition. CVS plans to lay off 2,900 workers, the company announced this week. The move comes as the pharmacy has been struggling with costs in a tough economy,

CVS said it is cutting 2,900 workers, or about 1% of its workforce, as part of an effort to reduce costs by $2 billion.

CVS Health announced Tuesday the pharmacy chain will lay off nearly 3,000 workers as part of cost-saving efforts, but the job cuts primarily will be in "corporate" positions, the company said.