According to an SEC filing, Disney plans to cut 32,000 jobs — mostly from its parks business — by early 2021.
Disney's parks and resorts business continues to downsize amid the coronavirus pandemic.
According to a company filing Wednesday with the U.S. Securities and Exchange Commission, Disney intends to cut 32,000 jobs — primarily in Parks, Experiences, and Products — from its 223,000-strong workforce through early 2021 as parks at its Disneyland resort in Anaheim, Calif., and Disneyland Paris will remain closed for the foreseeable future due to the ongoing outbreak.
The filing indicates that the most significant impact of the pandemic on its parks business included a detriment of $6.9 billion in operating income due to property closures and reduced operating measures in place at the Disney World resort, Hong Kong Disneyland, Shanghai Disneyland, and Tokyo Disneyland.
In September, Disney confirmed it would reduce its parks workforce by 28,000 in North America alone.
Wednesday's SEC filing noted such measures — in addition to other mitigation efforts, such as reducing discretionary expenditures and reduced management compensation — would "have an adverse impact" on Disney's overall business. Elsewhere, Disney has reshuffled most of its theatrical release schedule (including pushing Scarlett Johansson's Black Widow tentpole to 2021 and dropping its live-action Mulan remake for a premium price on Disney+).
According to CNN, Disney suffered a loss of $2.8 billion in overall business through Sept. 30 of this year, compared to the company's $10.4 billion profit in 2019.
Author:Joey Nolfi - Source: EW