Wednesday, September 30, 2020

Disney to lay off 28,000 employees as coronavirus slams its theme park business

 
In this handout photo provided by Walt Disney World Resort, guests stop to take a selfie at Magic Kingdom Park at Walt Disney World Resort on July 11, 2020 in Lake Buena Vista, Florida. July 11, 2020 is the first day of the phased reopening. - Matt Stroshane | Walt Disney World Resort | Getty Images

Sarah Whitten
CNBC

Prolonged closures at Disney’s California-based theme parks and limited attendance at its open parks has forced the company to lay off 28,000 employees across its parks, experiences and consumer products division, the company said.

In a memo sent to employees on Tuesday, Josh D’Amaro, head of parks at Disney, detailed several “difficult decisions” the company has had to make in the wake of the coronavirus pandemic, including ending its furlough of thousands of employees.

Shares of the company fell less than 2% after the closing bell on Tuesday.

Around 67% of the 28,000 laid off workers were part-time employees, according to a statement by D’Amaro on Tuesday. The company declined to break down the layoffs by individual park locations.  Read more >>