As per reports, The Walt Disney Company (DIS) to cut off nearly 28k employees at its U.S theme parks due to limited visitor capacity, and uncertainty on when the pandemic would end. The layoff will comprise of “domestic employees” out of which 67% are part-time employees. All of the company’s parks have now reopened now with a restricted number of visitors per day keeping social distancing in check, except for Disneyland California.
“We have made the very difficult decision to begin the process of reducing our workforce at our Parks, Experiences and Products segment at all levels,” stated Josh D’Amaro, chairman of the parks unit.
Disney reported a $4.7bn loss in the last three months to 27 June, with revenues for its experiences, parks, and product units declining 85% in comparison to the same quarter last year.
Dow 30 Component, The Walt Disney Company (DIS), and its subsidiaries is a diversified worldwide entertainment company that operates in four business segments: Studio Entertainment, Media Networks, Parks and Resorts, and Consumer Products & Interactive Media. To learn more about this Dow 30 Component, The Walt Disney Company (DIS), and to continue to track its progress please visit the Vista Partners Walt Disney Company, Coverage Page.
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