retrench

CVS Chief Executive David Joyner said in an interview that the Oak Street business needs to retrench, after coming under pressure from higher medical costs and regulatory changes in the Medicare business.

“I want to see that these layoffs are broadly based and not from sectors that are struggling or companies that may have over expanded and now are retrenching some of that expansion,” Uruci says.

Large employers are retrenching, making deep cuts to white-collar positions and leaving fewer opportunities for experienced and new workers who had counted on well-paying office work to support families and fund retirements.

Private equity firms — which tend to be attracted to film and TV libraries because of the cash flow they generate — have retrenched a bit from their previous interest in Hollywood.

“It’s the aftereffects of trying to compete at the streaming level and thinking that’s the future. Resources were put there, and now they have to retrench.”