That the financial condition of the company Disney can be called “deplorable”, GameMAG wrote repeatedly. However, a few days before the quarterly report for investors Mickey Mouse decided to cut right on the living – on people.
According to CNBCDisney executives decided to lay off 28,000 employees at once. The main blow fell on the staff working in the amusement parks. Due to the pandemic, this area of the company’s activity turned out to be the most problematic. However, the cuts also hit the consumer goods sector, which is associated with the closure of retail outlets.
In April 2023, Disney sent about 100,000 employees on unpaid leave, who had to apply for unemployment benefits. According to analysts, about 33% of the entertainment giant’s total spending comes from staff. Sending nearly half of its employees on unpaid leave will save the company about $ 500 million a month.
The workers were promised to keep the social packages for medical care throughout the year. However, the decision to dismiss 28 thousand people at once suggests that the “charity action” is coming to an end. At the same time, it is interesting that 67% of those dismissed were freelance employees.
Note that amusement parks in Paris, Florida, Shanghai, Tokyo and Hong Kong have partially reopened. But the facility in California is still quarantined.
The decision to cut staff was not easy, Disney says. In addition, the company had to cut costs, suspend capital projects and rethink its approach.
The next online presentation for Disney shareholders and investors on the company’s financial performance will take place on October 7. Management should answer investors’ questions, talk about financial performance and share the latest news on the production of new projects.
See also: The experiment failed, or How Hollywood is trying to survive in quarantine
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