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Disney to Cut 28,000 Jobs in One of Biggest Layoffs of Covid Era

Sept. 29, 2020, 10:34 PM

Walt Disney Co. is slashing 28,000 workers in its slumping U.S. resort business, marking one of the deepest workforce reductions of the Covid-19 era.

The belt-tightening move affects the company’s theme-park, cruise-line and retail businesses, Disney said on Tuesday. That includes executives and salaried employees, although 67% of those being terminated are part-time workers. Disney is offering benefits to the workers being eliminated, including 90 days of job-placement services.

Disney will cut 28,000 jobs at its U.S. theme parks. Bloomberg’s Chris Palmeri reports.
Source: Bloomberg)

The cutbacks jarred investors, who sent the shares down almost 2% in late trading. The stock was already down 13% this year.

It’s the latest sign that travel and other ...

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