Yesterday, Disney said it’s laying off 28,000 workers across the parks, experiences, and products division, according to a letter circulated by the company’s head of parks to employees. Just over two-thirds of those layoffs will affect part-time workers.
You probably don’t need three guesses why. The Covid-19 pandemic has turned Disneyland in Anaheim into the saddest place on Earth. Last week, execs pleaded with the state of California to reopen the park, which has been shut since March.
- Many of Disney’s other parks, including Walt Disney World in Florida and locations in Hong Kong, Paris, Tokyo, and Shanghai, have reopened. But reduced crowds and extra health precautions have dented profitability.
Big picture: Disney’s trying to stop the bleeding. The parks, experiences, and products division accounted for 37% of the company’s total sales in 2019, but the pandemic dropped the segment’s revenue 85% annually last quarter.
Via Morning Brew