The move follows Disney’s $ 4.7 billion loss in the last quarter. (File)
New York:
Disney said on Tuesday it would cut 28,000 jobs in its U.S. Parks and Experiences division, highlighting the drop in demand caused by the coronavirus and uncertainty over when it will resume.
The cuts were necessary in light of social distancing requirements, exacerbated by severe restrictions imposed by the California state government, the company said in a press release.
About two-thirds of the affected employees are part-time employees.
“Over the past few months we have been forced to make a number of necessary adjustments to our business, and as difficult as that decision is today, we believe that the actions we take will allow us to emerge a more effective and efficient society. operation when we get back to normal, ”said Josh D Amaro, president of Disney Parks, Experiences and Products.
The move follows Disney’s $ 4.7 billion loss in the last quarter, which reflected the blow to its theme park business and the derailment or postponement of major movie releases.
These negative effects were somewhat offset by the growing demand for the “Disney +” streaming service, where he led the prime ministers of “Mulan” and “Hamilton”.
Disney shares fell 1.5% to $ 123.57 after hours.
(Except for the title, this story was not edited by GalacticGaming staff and is posted from a syndicated feed.)
