As Disney continues to contend with the fiscal consequences of the global health crisis, the mitigation efforts are being felt throughout the company.
Cinderella Castle
A few months ago, Disney announced that 28,000 employees would be laid off as a result of the pandemic. Now, that figure has been updated to reflect an additional 4,000 employees included in the layoffs.
According to Variety, an SEC filing from Disney revealed a new figure in reference to the layoffs saying, “Due to the current climate…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.”
Sleeping Beauty Castle
This new figure includes the initial announcement of 28,000 employees, amounting to an increase of 4,000 additional employees. At the same time, another 37,000 Disney employees (who are not slated for the layoffs) remained furloughed at the beginning of October.
Cast Members
This update comes a few weeks after the Fiscal 2020 Earnings Report revealed that Disney has suffered an adverse impact of about $7.4 billion dollars due to the ongoing global health crisis. Disney expects the impact on finances to continue through at least Fiscal 2021.
Disneyland Gate
We’ll be keeping up with all of the latest news when it comes to Disney’s financial situation. Stay tuned to DFB for all of the updates.
Click here to learn more about Disney’s fiscal year.
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It is so sad that the happiest place on earth is struggling