25 April 2023, Bengaluru, India
After the whole layoff drama came into existence, many firms followed the ritual to lay off thousands of employees and lighten the financial burden of those firms. After Elon Musk’s jolting act of firing 80% of the Twitter staff just days after taking over, Walt Disney is in line with a plan to lay off over 7000 employees next.
Layoffs are considered important now more than ever for companies and their strategic planning to succeed. Carrying on with this ritual is Walt Disney, one of the world’s leading producers and providers of entertainment and information. Walt Disney looks to lay off 7000 employees positions starting this month.
Disney is laying off several thousand workers across the company this week in the second and largest wave of cuts as part of the media giant’s previously announced plan to slash its workforce by 7,000 employees.- CNN
A Walt Disney official said to Reuters that the company will cut several thousand jobs to save about $5.5 Billion in annual costs. The company is aiming to bring the jobs number to 4000 from the alleged 7000.
According to the latest jobs cut plan from Disney, it is evident they are working to reverse their losses. With the latest plans, Disney is looking forward to amending the losses it faced due to Disney’s popular streaming platform that debuted in 2019.
These job cuts are said to affect every service owned by Disney, including Disney Entertainment, ESPN, Disney Parks, Experiences, and Products.
With the whole layoff plan laid off, it will be Disney’s second round of job cutting after the initial phase took place in early 2023.
Disney Entertainment co-chairmen Alan Bergman and Dana Walden said to Reuters, “The senior leadership teams have been working diligently to define our future organization, and our biggest priority has been getting this right, rather than getting it done fast.”
The report from Reuters also included additional comments from the Disney official stating that they recognize the patience and understanding of people who were in the latest Disney plans.
ESPN announces layoffs as part of cost-cutting by Disney-The Washington Times
Walt Disney announced its plans to lay off employees in February this year. The authority was aware of the situation and had informed their employees of the second phase of the layoff and that several thousand employees would be affected by the end of the second phase.
Sources –12ft.io
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