Disney to Lay Off 28,000 Workers in Parks, Experiences, and Products Unit

Walt Disney (NYSE: DIS) is biting the bullet and enacting a large round of job cuts. It was revealed after market hours Tuesday that the company informed its employees it is cutting 28,000 workers in its sprawling parks, experiences, and products business segment. The majority of these eliminations will come at the entertainment giant's two signature U.S. theme parks, Disneyland in California and Florida's Walt Disney World.

Of the two, Disneyland is still closed due to a mandate from California Governor Gavin Newsom. The park employed approximately 32,000 employees before the coronavirus pandemic hit and widespread furloughs were announced.

Walt Disney World, meanwhile, reopened with restrictions in July. Prior to that, around 77,000 people worked there.

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Source Fool.com