CHARLESTON, W.Va. (AP) — Charleston Area Medical Center is cutting 300 jobs by the end of the year due to financial problems.

Media outlets report CAMC announced the layoffs Wednesday.

CAMC Health System CEO Dave Ramsey told employees in a video that after the first five months of the year, CAMC was on course to lose more than $40 million in 2017.

Ramsey says 56 positions already have been cut through a hiring freeze implemented in January. CAMC also has closed a health wellness program and plans to close a pharmacy in Cross Lanes, a pulmonary rehabilitation program and a day care center.

CAMC, which has about 7,000 workers, is West Virginia's third-largest private employer behind WVU Medicine and Walmart.

The Kanawha County Commission said in a statement that the layoff notice is deeply troubling.