Disney (NYSE:DIS) layoffs for 2020 have the company cutting jobs due to the impact of the novel coronavirus.
- Disney is laying off 28,000 employees due to the coronavirus.
- These employees are mostly connected to its parks, which haven’t ben able to fully reopen yet.
- Of the employees being laid off, the company says that 67% of them are part-time workers.
- Disney doesn’t breakdown which parks the 2020 layoffs are taking place at.
- However, we do know that it has been able to reopen all but two parks in a limited manner.
- The two parks still closed are Disneyland and California Adventure, both of which are located in California.
- Disney wants to reopen its parks in California but is unable to do so due to decisions by the state government.
- The company was previously keeping employees furloughed at it waited for parks to reopen.
- Unfortunately for the employees, mounting losses since the lockdowns have been hurting Disney’s revenue.
- As such, it only makes sense that the company would cut costs wherever it can.
- It’s worth pointing out that Disney isn’t just suffering at its theme parks.
- The entertainment company also hasn’t been able to put out many of its major motion pictures due to the lockdown.
- That’s resulted in DIS pushing back many of its theatrical film releases to 2021.
DIS stock was down slightly as of Wednesday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.