WOONSOCKET, R.I. (AP) — CVS Health has announced that it is letting go of about 600 employees as it streamlines operations.

The layoffs this month and next mostly affect corporate offices in three states. The Woonsocket, Rhode Island-based company employs more than 240,000 people nationwide.

READ MORE: New 'Jeopardy!' Guest Host Katie Couric: 'Of Course I Was Nervous, Are You Kidding Me?'

About 250 jobs are being cut in Rhode Island, 70 in Arizona and 50 in Illinois.

READ MORE: 'This Is A Personal Battle': Kingston, NH Firefighters Save Their Fire Chief's Burning Home

Those losing their jobs will have the opportunity to apply for other positions within CVS Health. Those not placed in other positions within the company will be eligible for a transition package to cover financial and health benefits, outplacement support and career counseling.

Shares of CVS Health Corp. slipped $1.40 to $82.55 Thursday morning, while broader markets climbed slightly. The drugstore chain and pharmacy benefits manager reports on its third-quarter results next Tuesday.

MORE NEWS: CBS This Morning's Gayle King On Oprah Winfrey's Interview With Prince Harry And Meghan Markle

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.