Disney Laying Off Thousands More Cast Members
The Walt Disney Company will lay off more cast members in the first quarter of fiscal 2021.
Dude. Sometimes third shift stinks.
Image Credit: Disney
Especially when a big corporation drops a big — upsetting — number in a story the night before Thanksgiving.
Disney Layoff Numbers Released: More Job Losses Coming
Of course, I am not the only person up. Theme Parks reporter Ashley Carter interrupted my reverie with the tweet:
In an SEC (10-K) filing released Wednesday, Disney said approximately 32,000 employees in its Parks, Experiences and Products division will be terminated in the "first half of fiscal 2021." This number includes the 28,000 layoffs that were announced in September. pic.twitter.com/ebKYEp7B3r
— Ashley Carter (@AshleyLCarter1) November 26, 2020
As did Scott Gustin, who noticed Elaine Low’s story in Variety:
In an SEC filing, Disney Parks increased the number of layoffs in the first half of fiscal 2021 from 28,000 (announced in September) to 32,000. https://t.co/xWZNOgDKzt
— Scott Gustin (@ScottGustin) November 26, 2020
Anyway, you get the picture.
Report: Disney Set To Layoff More Cast Members
And E. Low described the awful snapshot.
In September, Disney Parks announced that it would lay off 28,000 employees, two-thirds of whom are part-time staffers, as a result of the pandemic’s affect on Disneyland and Walt Disney World. In the Walt Disney Company’s 10-K filing, released the afternoon before Thanksgiving, Disney disclosed what appears to be an updated figure that includes thousands more layoffs in its parks, experiences and products segment.
“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,” said the company in the SEC filing. “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.”
A Disney spokesperson confirmed that that figure includes the previously announced parks layoffs. Separately, 37,000 Disney employees who are not slated to be terminated were on furlough as of Oct. 3.
“Jiminy Cricket!”
However, Low rightly pointed out that investors remained high on The Mouse, this week. DIS approached it’s 52-week high (153.41) before falling to a close of 149.09 on Wednesday.
Image Credit: Disney
But the bottom line is that more cast members will be without jobs and paychecks might not be the only thing missing from Disney’s budget sheets.
More Cuts Coming
Variety added:
“We may take additional mitigation actions in the future such as raising additional financing; not declaring future dividends; reducing, or not making, certain payments, such as some contributions to our pension and postretirement medical plans; further suspending capital spending, reducing film and television content investments; or implementing additional furloughs or reductions in force,” said Disney.
This is a developing story. MickeyBlog.com will update as new facts come light.
