Disney plans to lay off about 32,000 employees, mainly in its theme parks business, in the first half of next year. Announced at 10-K filing. The company says it is making these layoffs “due to the current climate, including COVID-19 impacts.” This is an increase of 4,000 compared to the initial 28,000 layoffs Announced again in September. The new figures include previously announced redundancies, Variety Reports.
With the layoffs, Disney said it was considering additional measures such as reducing its investment in film and television content, halting capital spending and encouraging more employees. Already, it had 37,000 employees as of October 3, Variety Notes.
The announcement comes after a difficult year for Disney’s business. Its theme parks in particular have been hit hard by the corona virus infection. Its Florida Disney World theme park was able to reopen earlier this year With restrictions Like having to wear masks when not eating, Disneyland Closed since March. The WSJ Notes It is not yet clear when the California park will reopen.
Its theme park issues combined with compulsion Delays Or Release plans changed For its many tent-pole cinema releases, Disney is leading the way in posting a rare pair of quarterly losses this year. In August, the company reported a $ 4.72 billion loss for the quarter The WSJ Reports This is its first quarterly loss since 2001. This continued further $ 710 million loss in the next quarter.
Despite the challenges for its personal businesses, the company’s revenue has been helped by the launch of its Disney Plus streaming service. 73.7 million subscribers In early October. The company has launched its star brand, The. Under plans to launch another streaming service outside the United States next year WSJ Notes.