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Disney announced 32,000 job cuts in the first half of next year and a loss of nearly $2.9 billion this year

On November 26, Reuters reported that The Walt Disney Company (NYSE: DIS) said it would lay off 32,000 people because of The outbreak, which has restricted visitors. That figure is an increase from Disney’s announcement in September that it would cut 28,000 jobs.The job cuts will take place in the first half of 2021, Disney said in a filing with the U.S. Securities and Exchange Commission. Reuters noted in its report that Disney did not respond to requests for comment, but a company spokesman confirmed that figure included a previously announced 28,000 employees.

Earlier this month, Disney said it was giving employees at its Disneyland resort in California unpaid leave because it was uncertain when the state government would allow the park to reopen.Disneyland in California has been struggling to reopen the park.

“We have proven that we can responsibly reopen theme parks around the world under the science-based health and safety measures that are strictly enforced,” California Disneyland said in a statement released by the Disney Company on October 21. However, the state of California continues to ignore this fact, instead imposing guidelines that the state itself knows won’t work, which sets us up to standards that are very different from other reopened businesses and state-operated facilities. We want to work with the unions to put people back to work, but these state government guidelines will shut us down for the foreseeable future, forcing tens of thousands of people out of work, leading to the inevitable closure of small family businesses, and causing irreparable damage to communities in Southern California.”

However, as a result of the outbreak, the majority of people commenting on the news on The Us social networking site Twitter agreed that the park should not reopen under the current circumstances.

In April of this year, following the novel Coronavirus outbreak, Disney announced that it was giving “unpaid leave” to its employees, possibly 120,000 employees. As the coVID-19 epidemic continues to spread around the world, some Disney parks around the world are gradually opening, and the company said in August that 35 percent of its vacationing employees had returned.Shanghai Disney Resort reopened in May this year; China’s Hong Kong Disneyland reopened on September 25 after two shutdowns. On July 1, Japan’s Oriental Park Corporation resumed operations of its Tokyo Disneyland and Tokyo Disneyland Ocean Park. On July 11, The Orlando Disney Park in the United States reopened four theme parks in the wake of a severe epidemic. Meanwhile, two theme parks at Disneyland Paris began gradually opening on July 15.

It is worth mentioning that on July 15, two theme parks of Disneyland Paris gradually opened. However, on October 29, Paris Disneyland was closed again due to the outbreak. Disneyland in California has yet to reopen.According to the financial report released by The Walt Disney Company on November 12, the operating revenue of the Disney Company in the fiscal year 2020 was 65.388 billion US dollars, down 6% from the same period last year. The net loss was $2.864 billion, compared with a net profit of $11.054 billion in fiscal 2019.

From the perspective of each business segment of Disney, theme parks, experience and products are the most affected. Disney said in its earnings statement that since the second quarter of fiscal 2020, its theme parks and resorts have been closed or significantly reduced in operating capacity, and cruise voyages have been suspended. According to the data, In the fiscal year 2020, Disney’s media network revenue grew 14% year on year, direct service consumer and international business revenue grew 81% year on year, while theme park, experience and product revenue fell 37% year on year, and film and television entertainment revenue fell 13% year on year.So far, four Disney parks around the world have been open, but the company said in a statement that all reopened theme parks and resorts experienced significant declines in operating capacity during the reporting period. Disney said coVID-19 had a negative impact on revenue in its theme parks, experience and product businesses of about $2.4 billion in the fourth quarter.


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