Disney Increases Coming Employee Layoffs To 32,000

The Street reports:

Walt Disney plans to lay off a total of 32,000 employees in the first half of 2021, a further reduction in its workforce as the Covid-19 pandemic and severe drop-off in visitors to its theme parks continues to slam its business.

The layoffs, revealed in a Securities and Exchange Commission filing on Wednesday, are 4,000 more than the 28,000 job cuts announced in September.

Most of the job cuts will take place in the company’s theme parks, where thousands already have been furloughed or laid off. Some 37,000 Disney employees were on furlough as of Oct. 3, according to the filing.

Disney is laying off 32,000 workers after:
*Issuing $1.5B dividend
*CEO temporarily cut compensation 5% & makes 1,242x the median worker
*Execs kept bonuses & returned to regular pay in August
*Workers started food pantry & GoFundMe for laid off coworkershttps://t.co/EUVAJmc474

— Dan Price (@DanPriceSeattle) November 26, 2020

Disney increases planned layoffs to 32,000 as company struggles with limited park visitors https://t.co/bHU1E7SrJ5 | via @NewsNationNow pic.twitter.com/7AB2Mvgp0R

— Austin Kellerman (@AustinKellerman) November 26, 2020