Walt Dinsey layoffs have reportedly started as of Monday, almost a week after rumours about mass layoffs spread. As per reports, several divisions of the company are expected to be impacted in this round of layoffs at Walt Disney Co. and this round may lead to around 7,000 people losing jobs.
According to a Reuters report, in a letter to employees, chief executive officer (CEO) Bog Iger mentioned that Disney layoffs are happening to “create a more streamlined business.” In addition to this, through these job cuts, the company seeks to control costs in a time when economic uncertainty is rampant.
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Elaborating on the layoffs, the report mentioned that Disney Entertainment, Disney Parks, Experiences and Products, and corporate – all divisions are expected to be impacted by this round of layoffs. However, it clarifies that ESPN won’t be impacted in this week’s round of layoffs, but may be impacted in the near future or later rounds.
Apart from this, Iger has also reportedly mentioned that Disney would begin informing first group of employees impacted by layoffs over the next four days. However, this will not be the end. Another larger round of job cuts is reportedly expected to happen in April with “several thousand more staff reductions.”
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Disney layoffs have come at a time when the entire entertainment industry has been impacted in several ways. The spree of layoffs also come against the backdrop of a global economic downturn and as experts believe, over-hiring during the revenue boom.
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