You are here: Home » International » News » Companies
Business Standard

Disney to cut 28,000 jobs as coronavirus slams its theme park business

Disney shut its theme parks worldwide when the novel coronavirus began spreading this year.

Walt Disney | Coronavirus | job cut

Lisa Richwine | Reuters  |  Los Angeles 

The Fox Star Studios team will also report to the Disney finance team in Los Angeles as part of the merger process.

said on Tuesday it will lay off roughly 28,000 employees, mostly at its US theme parks, where attendance has been crushed by the pandemic, especially in California where Disneyland remains closed. About two-thirds of the laid-off staffers will be part-time workers, the firm said in a statement. Disney shut its theme parks worldwide when the novel began spreading this year. All but Disneyland — nicknamed the Happiest Place on Earth - reopened, though the company was forced to limit the number of visitors to allow for physical distancing. “We have made the difficult decision to begin the process of reducing our workforce at our Parks, Experiences and Products segment at all levels,” Josh D'Amaro, chairman of the parks unit, said in a statement.

He cited the parks’ limited capacity and uncertainty about the virus’ duration, which he said was “exacerbated in California by the state's unwillingness to lift curbs that would allow Disneyland to reopen.” In a letter to employees, D'Amaro called the move “heartbreaking.”

Shell to slash up to 9,000 jobs Royal Dutch Shell will cut as many as 9,000 jobs as crude’s crash forces billions of dollars in cost savings and the oil and gas giant overhauls its business to embrace clean energy. The move reflects the challenge facing Big Oil as the virus persists, with some in the industry believing the era of demand growth is already over. As the crisis hastens the shift to low-carbon energy, oil firms are axing jobs, taking multibillion-dollar writedowns and slashing once-sacrosanct dividends.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, October 01 2020. 01:42 IST