One of the biggest names in the media and entertainment industry, is firing 32,000 employees in one of the largest ever layoffs.
What is the reason?
Keep reading to find out more!
Disney Is Firing 32,000 Employees
Walt Disney Inc., the 97 year old media and entertainment conglomerate has announced that they will fire 32,000 employees.
This massive layoff will be completed before the 1st half of 2021.
Walt Disney Company, also known as Disney is one of the biggest media and entertainment companies, headquartered at California.
Not only they are the leader in animation industry, but also makes movies, TV shows, owns theme parks, hotels, cruise and more.
Initially, in the month of September, Disney had announced firing 28,000 employees, which has now been increased to 32,000.
This information has been revealed via filing at the Securities and Exchanges Commission in the US.
Reason For Firing 32,000 Employees
Majority of the employees getting fired at working at Disney’s theme parks, spread all across the US.
Due to the coronavirus pandemic, there is very less demand for theme park outings, and their subscribers have shrunk as much as 90% in some cases.
Although US Govt allowed their theme parks to open early this year, but footfalls are very less.
Infact, workers at Disney’s South California theme park are already under leave without pay since last few months.
In Paris, their theme park is closed as France as imposed strict lockdown.
However, their Shanghai, Hong Kong and Tokyo are open, and getting regular traffic.
The future of theme parks, and cruises looks bleak, atleast till the end of 2021, and this is the primary reason why Disney is firing 32,000 employees.
We will keep you updated, as more details come in.
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