Walt Disney Company is thinking about reducing 32,000 workers by the end of March, which is four-thousand above previously decided layoff because the pandemic Coronavirus is still hitting its resorts and parks business.
Walt Disney Co. is planning to shed 32,000 employees by the end of March — 4,000 more than previously announced. https://t.co/8Wkwdgwta6
— CNN Philippines (@cnnphilippines) November 27, 2020
On Wednesday, the extra reduction in the number of employees was revealed in the filing to the United States Securities and Exchange Commission. Moreover, Disney workers nearly 223,000 people, according to its latest annual report. Besides this, the company had previously declared strategies to lose 28,000 jobs in September.
The leading entertainment and media company warned that it might be forced to reduce its dividend in the upcoming days, and also expected not to contribute to the retirement and pension medical strategies. Furthermore, the firm described that it could cut its investment in film and TV productions and reduce more workers.
Lockdown measures adversely affected Disney’s business
In the filing, Walt Disney described that some of these restrictions may bring a hostile effect on their business. The Coronavirus pandemic has smashed the parks business of the firm, which contained more than 100,000 workers in the U.S. Besides this, the firm has also been to stop cruise ship sailings and postponed its main film releases, including ‘Black Widow’ which was likely to be the biggest hit movie of the year.
Source: Web
The news reached that says Walt Disney is deciding to layoff thousands of more employments than it had declared in September, which could entice the anger of Senator Elizabeth Warren and Abigail Disney. Moreover, Abigail Disney is a granddaughter of Roy Disney, who created the firm along with his brother (Walt Disney) in 1923.
From March to May, all of the company’s parks in Asia, Europe and North America were shut down amid the adverse pandemic COVID-19, which has taken thousands of lives and millions of people still infected.
However, the company has since resumed its theme parks in Florida and Shanghai, and its top park, located in California, will remain closed till the end of this year. Another spot, Disneyland Paris, was forced to shut down again at the end of last month as France implemented the 2nd nationwide lockdown.
There is also one business side available which is Disney+, its streaming platform, which currently owns seventy-four million subscribers and now became the primary focus of the company after a renovation of its entertainment and media division.
