From coast to coast, Disney is expected to hand down thousands of job cuts across The Walt Disney Company this week in the second and largest wave since the announcement in February. The company is expected to reduce its workforce by 7000 employees in an effort to sustain a more promising financial outlook after a disastrous period of earnings reports. The cull started with a handful of well-known Disney executives and has moved through the ranks over the last few months.
From today through the end of the week, more Disney employees will be informed of their fate. The latest round of cuts is expected to strongly impact Disney’s entertainment division, Disney Parks, and Disney’s Experiences and Products divisions.
Disney began laying off another group of employees off this week, bringing the total number of cuts this year to 4,000 as part of the company’s plan to cut 7,000 positions (roughly 3.2% of its 220,000 global employees), Disney confirmed to Forbes—CEO Bob Iger had previously called the layoffs a “necessary step to address the challenges we face today,” in a conference call last month.
FORBES
The move is the second of three company-wide restructuring rounds to see thousands more lose their jobs at The Walt Disney Company. Many US-based businesses are in the same position due to “high inflation and economic instability,” Forbes says, which “continue to push major U.S. firms to reduce their head counts.” Meta, Ernst & Young, Whole Foods, Deloitte, Best Buy, Warner Music, and Electronic Arts are among many major businesses reducing their workforce this year to stay viable.
