Disney to lay off 32,000 employees as lockdowns keep theme parks shuttered

by Jordyn Pair · Nov 26th, 2020 11:57 am
12

Last Updated Nov 27th, 2020 at 2:23 pm

Walt Disney Co. is planning to lay off 32,000 employees as lockdowns continue to keep theme parks shuttered.

Many of the cuts will come from its theme parks. Its California park, Disneyland, has been closed since pandemic lockdowns began in March.

The company originally announced 28,000 jobs cuts in September.

Disney also said it may take additional measures, such as not declaring future dividends and cutting company contribution to pension and postretirement medical plans.

Disney announced earlier this month that it saw a second consecutive quarterly loss, even as subscriptions to its streaming service, Disney+, surge.

"With the unknown duration of COVID-19 and yet to be determined timing of the phased reopening of certain businesses, it is not possible to precisely estimate the impact of COVID-19 on our operations in future quarters," the company said.


Comments

There are 12 comments on this article.

You must become a subscriber or login to view or post comments on this article.