Disney Plans to Lay off 32,000 Employees in First Half of 2021
In September, Disney Parks announced they would lay off 28,000 employees as a result of the pandemic’s effect on Disneyland and Walt Disney World. The afternoon before Thanksgiving, however, Disney revealed an updated figure that includes thousands of more layoffs in its parks, experiences and products segment.
“Due to the current climate, including COVID-19 impacts, and changing environment in which we are operating, the Company has generated efficiencies in its staffing, including limiting hiring to critical business roles, furloughs and reductions-in-force. As part of these actions, the employment of approximately 32,000 employees primarily at Parks, Experiences and Products will terminate in the first half of fiscal 2021», the company commented.
Indeed, the pandemic hurt the entertainment giant. More of its financial issues were revealed in its Q4 earnings report two weeks ago, which demonstrated revenue down 23% from the prior year to $14.7 billion, and the company going for a loss of $710 million. For the fiscal year, the ongoing crisis has had an adverse impact of $7.4 billion on the company, which operated at a net loss in fiscal 2020.
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