The Strategist

Walt Disney to lay off 32,000 employees in 2021

11/27/2020 - 05:34

Walt Disney intends to downsize 32,000 employees during the first half of 2021.

This is data from a document filed by the company with the US Securities and Exchange Commission (SEC). As a result, the company is going to lay off more employees than previously planned: in September, Disney was to dismiss 28,000 employees.

The COVID-19 pandemic hit Disney pretty hard, and a few weeks ago the company submitted its financial year 2020 accounts - for the first time in decades it ended the year with a loss. 

At the end of October, Disney also announced a restructuring: it decided to bet on streaming services with significant losses from closed amusement parks and cinemas.

In a document sent to the SEC, Disney talks about the possibility of additional cost-saving measures: reducing investment in films and television content, sending employees on unpaid leave, suspending dividends and reducing other payments. 

Already now, many of the company's employees, especially those working in the amusement parks division, are sent on unpaid leave.