- Home
- World
- News
- Walt Disney Company Plans to Cut 32,000 Jobs Following Coronavirus-Related Park Closures
Walt Disney Company Plans To Cut 32,000 Jobs Following Coronavirus-Related Park Closures
Faizan Hashmi Published November 26, 2020 | 03:22 PM
US media and entertainment conglomerate, the Walt Disney Company, has announced that it will look to cut 32,000 jobs in the first half of the 2021 fiscal year, 4,000 more than previously announced, as the COVID-19 pandemic continues to decimate the theme park industry
MOSCOW (UrduPoint News / Sputnik - 26th November, 2020) US media and entertainment conglomerate, the Walt Disney Company, has announced that it will look to cut 32,000 jobs in the first half of the 2021 fiscal year, 4,000 more than previously announced, as the COVID-19 pandemic continues to decimate the theme park industry.
"Due to the current climate, including COVID-19 impacts, and changing environment in which we are operating, the Company has generated efficiencies in its staffing, including limiting hiring to critical business roles, furloughs and reductions-in-force. As part of these actions, the employment of approximately 32,000 employees primarily at Parks, Experiences and Products will terminate in the first half of fiscal 2021," the Walt Disney Company said in a Securities and Exchange Commission filing that was published on Wednesday evening.
The coronavirus pandemic forced the temporary closure of the company's Walt Disney World Resort in Florida and Disneyland Park in California. Both have since reopened, the latter in mid-November, although attendance has been capped as part of social distancing restrictions.
On November 12, the Walt Disney Company said that operating income at the company's parks had fallen by $6.9 billion year-on-year in 2020 due to the closures and reduced attendances upon reopening.
Josh D'Amaro, the chairman of Disney Parks, announced in September that 28,000 of the unit's 100,000 US employees would be made redundant.
The Walt Disney Company was founded by cartoonist Walt Disney in 1923. The company has gone on to produce some of the world's highest-grossing films and open the most popular chain of theme parks across the world.
Related Topics
Recent Stories
Central Asian Volleyball C'ship trophy unveiled
Provincial Election Commissioner reviews arrangements for by election in NA 148
NEPRA directs DISCOs, KE to revisit load-shedding activities during exam
Excise dept completes preparations for unregistered vehicles, tax evaders
Opposition decries hurriedly called session of KP Assembly
Two-day ‘Commissioner Tent Pegging festival’ to start on May 11
Young man tortured to death by fake agent in Bahawalnagar
PMC student wins Educational Research Award at Aga Khan University
TTP should be handled through coordination with Afghan Government: Gen Janjua
ICUBE-Q's initial images from space a historic day: Ambassador Hashmi
PMD forecasts rain-windstorm/thunderstorm for various parts of country
PM to host hockey team for brilliant performance in Azlan Shah tournament; Rana ..
More Stories From World
-
ICUBE-Q's initial images from space a historic day: Ambassador Hashmi
9 minutes ago -
Third week of evidence wraps at Trump's criminal trial
32 minutes ago -
Madinah : 3,485 Pakistani Hujjaj arrive in seamless flight operation
32 minutes ago -
UN, EU officials condemn 'escalation' of violence against UNRWA
29 minutes ago -
Russia attacks Ukraine's northeast in new ground offensive
1 hour ago -
Reasons to experience magic of Sharjah Children’s Reading Festival this weekend
2 hours ago
-
Paris officer 'between life and death' after police station shooting
2 hours ago -
Rafah offensive would lead to 'humanitarian disaster': UN chief
2 hours ago -
Taylor Swift fever grips Paris at start of Europe tour
2 hours ago -
S.Africa's top court hears critical Zuma election case
2 hours ago -
Ukraine says Russia launches cross-border offensive in northeast
3 hours ago -
Champion Rybakina, home hope Musetti retire sick from Rome Open
3 hours ago