West Reading, Pa.-based Tower Health on Nov. 16 laid off 52 corporate employees as the health system shrinks from six hospitals to four, according to The Philadelphia Inquirer.
The layoffs, which are expected to save $15 million a year, account for 13 percent of Tower Health's corporate management staff of about 400 people, according to the report. Overall, the system had 12,000 employees at the end of June.
The system aims to recover from a challenging financial situation that began in 2017 with the acquisition of five hospitals from Franklin, Tenn.-based Community Health Systems for $423 million, according to The Philadelphia Inquirer.
Less than a year ago, Tower Health closed two of those hospitals: Brandywine Hospital in Coatesville, Pa., and Jennersville Hospital in West Grove, Pa. It also plans to sell Chestnut Hill Hospital in Philadelphia to Temple University Health System for $28 million.
Tower Health plans to rebuild around its flagship Reading Hospital and the two other hospitals it acquired from CHS: Phoenixville Hospital and Pottstown Hospital. The system also owns St. Christopher's Hospital for Children in Philadelphia in a joint venture with Drexel University.
The system is expected to release its third-quarter financial results next week.