Signify Health cutting nearly 500 employees

Fresh off rumors it could be acquired by CVS Health, Signify Health is laying off nearly 500 employees, beginning Oct. 1.

The value-based care technology company notified the Connecticut Department of Labor it planned to cut 489 employees, including 147 who work in one of the company’s five offices and 342 who work remotely.

The letter was sent as a requirement of the Worker Adjustment and Retraining Notification Act. Signify, which has an office in Norwalk, Connecticut, is based in Dallas. 

A spokesperson for Signify said some employees would be reassigned to other roles within the company.

CVS Health is planning to make a bid for the company, according to a report in The Wall Street Journal. Signify’s CEO, Kyle Armbrester, avoided the topic entirely during the company’s quarterly earnings call on Aug. 4.

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