Disney to cut 32,000 jobs after $1.1BN quarterly loss at theme parks

Walt Disney Co will lay off about 32,000 workers - 4,000 more than the 28,000 announced in September - as the company continues to struggle with its theme parks due to coronavirus closures and restrictions. 

The increased cuts were announced on Wednesday and will take place in the first half of 2021,  the company said in a filing with the Securities and Exchange Commission.

A spokesman for Disney confirmed that the latest figures include the 28,000 layoffs announced earlier.

The layoffs will mostly affect Disney’s parks, experiences and products divisions as the California Disneyland park remains shut due to virus lockdowns, despite bitter clashes with state leaders. 

As of Monday morning Disney's share price was down 1.58 percent at $149.09. 

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The theme parks reported a loss of $1.1billion for the quarter ending October 3, as per Bloomberg. 

Disney also reported a $2.8billion loss for the year to September 30. The year prior the company saw a $10.4billion profit.  

Walt Disney Co will lay off about 32,000 workers - 4,000 more than the 28,000 announced in September - as the company continues to struggle with its theme parks due to coronavirus closures and restrictions. A view of masked-up guests at Disney World in Florida in September after the park reopened during the pandemic in July

Walt Disney Co will lay off about 32,000 workers - 4,000 more than the 28,000 announced in September - as the company continues to struggle with its theme parks due to coronavirus closures and restrictions. A view of masked-up guests at Disney World in Florida in September after the park reopened during the pandemic in July

As of Monday morning Disney's share price was down 1.58 percent at $149.09

 As of Monday morning Disney's share price was down 1.58 percent at $149.09

The theme parks reported a loss of $1.1billion for the quarter ending October 3. Disney also reported a $2.8billion loss for the year to September 30. The year prior the company saw a $10.4billion profit. A view of Disney's stock movement over the past year above

 The theme parks reported a loss of $1.1billion for the quarter ending October 3. Disney also reported a $2.8billion loss for the year to September 30. The year prior the company saw a $10.4billion profit. A view of Disney's stock movement over the past year above

But the company saw a silver lining last quarter with the success of its subscription streaming service Disney+, which saw 73.7million users as of October 3, a more than 60million increase compared to August, according to the Wall Street Journal. 

Disney employs around 223,000 people and more than 100,000 of them are

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