Walt Disney to Lay off 32,000 Workers Primarily at Theme Parks in 1st Half Fiscal Year 2021

   By Clarence Leong

Walt Disney Co. said it will lay off about 32,000 employees primarily at theme parks in the first half of fiscal 2021, as the Covid-19 pandemic continues to drag on its businesses.

The company didn't rule out taking further action, including raising additional financing, not declaring future dividends, reducing film and television content investments, or implementing additional furloughs or reduction in force, it said Wednesday in a filing.

The Covid-19 pandemic has forced the company's theme parks to stay closed or operate at reduced capacity for a significant period of time this year, while its cruise ship sailings and guided tours were suspended since late in the second quarter. Its retail stores were also forced to shut.

Write to Clarence Leong at clarence.leong@wsj.com

(END) Dow Jones Newswires

November 26, 2020 02:25 ET (07:25 GMT)

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