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About 67% of the laid off employees did not work full-time.
“We made a very difficult decision to begin the downsizing process at Disney Parks, Experiences & Products at all levels,” the statement reads.
“As dire as this move, this is the only option we have in light of the long-term impact of COVID-19 for our business.” Disney amusement parks in the United States closed in the spring amid the coronavirus pandemic and are yet to receive permission to reopen.
Disney previously warned that it would not pay dividends for the first half of 2020, which will allow it to save about $ 1.6 billion in cash.
Disney's first-quarter net profit fell 91% to $ 475 million. Total operating income fell 37% to $ 2.4 billion. The most affected by the pandemic were the theme parks, video games and merchandise segment.
source: bloomberg.com
“We made a very difficult decision to begin the downsizing process at Disney Parks, Experiences & Products at all levels,” the statement reads.
“As dire as this move, this is the only option we have in light of the long-term impact of COVID-19 for our business.” Disney amusement parks in the United States closed in the spring amid the coronavirus pandemic and are yet to receive permission to reopen.
Disney previously warned that it would not pay dividends for the first half of 2020, which will allow it to save about $ 1.6 billion in cash.
Disney's first-quarter net profit fell 91% to $ 475 million. Total operating income fell 37% to $ 2.4 billion. The most affected by the pandemic were the theme parks, video games and merchandise segment.
source: bloomberg.com
