Disney Is Laying Off 32k Employees

By Staff, Agencies

Walt Disney Co. is laying off 32,000 employees, about 4,000 more than previously announced, as the coronavirus pandemic continues to hammer its parks and resorts business.

The company said in a US Securities and Exchange Commission filing on Wednesday that the job cuts will happen in the first half of its fiscal year, which began in October.

The pandemic has slammed Disney [DIS]'s parks business, and forced it to suspend cruise ship sailings and delay major film releases.

All 12 of its parks in North America, Asia and Europe were closed between March and May. While Disney has since reopened theme parks in Shanghai and Florida, its flagship park in California will remain shut at least until the end of 2020. Disneyland Paris was forced to close again late last month when France imposed a second nationwide lockdown.

Disney swung to a loss of $2.8 billion for the year to September 30, marking a sharp reversal from the previous year, when the company posted a $10.4 billion profit.