Disney’s Layoffs Grow to 32,000

Walt Disney Co. plans to lay off about 32,000 employees in the coming months – 4,000 more than previously announced – due to government ordered lockdowns, according to a filing late Wednesday with the Securities and Exchange Commission.The Burbank entertainment and media giant said the staffing cuts will come primarily from its Parks, Experiences and Products division. That is the business unit that oversees the Disney theme parks and cruise line. “Additionally, as of Oct. 3, 2020, approximately 37,000 employees who are not scheduled for employment termination were on furlough as a result of COVID-19’s impact on our businesses,” the company’s annual report filing said. The Disney parks in California have remained closed since March, while the Walt Disney World Resort in Florida has been open since the summer on a limited attendance basis. Theme parks in Shanghai, Hong Kong and Tokyo have also been open since the summer but the Paris theme park was forced to close again in late October when the French government imposed a new lockdown. Disney cruise ships have suspended operations since March as well. The company employed approximately 203,000 people as of Oct. 3, with about 155,000 of those in the Parks, Experiences and Products segment, according to the SEC filing. Disney announced in September that it planned to lay off 28,000, mostly in its parks and experiences business. The latest filing expands that number.  Shares of Disney (DIS) closed down $1.96, or about 1.3 percent, to $147.13 on the New York Stock Exchange, on a day when the major markets closed up on limited trading.