Disney to lay off 28,000 employees due to coronavirus pandemic's economic toll
The Walt Disney Co. said Tuesday that it will lay off 28,000 furloughed workers in the company's California and Florida theme parks as it moves to recover from a sharp financial blow caused by the coronavirus pandemic. CBS Los Angeles' Michele Gile reports.
It's one of the world's favorite theme parks.
But not even the Magic Kingdom can ward off the coronavirus.
Walt Disney Co. is laying off 28,000 workers at its U.S. theme parks.
Months-long closures and capacity limits in the parks that have re-opened, hit its bottom line.
Disney lost $4.7 billion in its most recent fiscal quarter, its first quarterly loss in nearly two decades.
Disney's parks in Florida, France, Japan and China have reopened with curbs on capacity.
But the gates remain closed at California's Disneyland and another Disney park there, California Adventure. Disneyland and Walt Disney World have been severely hobbled by the covid-19 pandemic. Disney joins the growing list of corporations that have announced mass layoffs due to the coronavirus pandemic.
The company says it's planning to lay off 28,000 employees, mostly from its theme parks in Southern California and Florida, which have faced prolonged closures and limited attendance.
While the company has reported billions of dollars in losses from its parks and cruise liners this year, it continues to expand its investment in digital services. The Alberta government is planning to lay off between 9,700 and 11,000 health services employees including those that work in laboratory, linen, cleaning and in-patient food services.