Medco Layoff Hits Quietly

Some Medco (MHS Quote) employees have a bitter pill to swallow.

Nine hundred workers -- nearly 7% of the company's staff -- learned on Friday that they will soon lose their jobs or be transferred to another location. Medco has decided to shut down a big facility in Parsippany, N.J., that currently houses a mail-order pharmacy and a customer call center. The giant pharmacy benefit manager reached its decision after losing some major contracts amid a federal probe of its business practices.

Medco quietly informed affected employees of the layoffs Friday morning but, by Monday, had yet to issue a public announcement. The company did, however, confirm the news when contacted by TheStreet.com. ...