Disney Plans to Terminate 4,000 Employees by April

Disney CEO Bob Iger has ordered executives to draw up a list of nearly 4,000 employees to lay off as the ailing entertainment giant works to cut costs.

Insider said, citing a source familiar with the company’s plans, that managers have been ordered to submit their rosters over the next few weeks, with targeted employees to be laid off in April.

And last February, Iger announced that Disney would cut 7,000 jobs as part of a $5.5 billion cost-cutting initiative.

Of the 7,000 jobs planned to be cut, approximately 4,000 Disney employees will be laid off company-wide, with the remainder filled in open positions that will no longer be filled. It is not yet clear whether the layoffs will come all at once or in several smaller rounds.

The beleaguered company is facing pressure from investors to bolster its balance sheet after a poor share performance last year.

Source: New York Post.

Related Stories

Leave a Reply