After several layoffs, The Walt Disney Company will again say goodbye to hundreds more of its Cast Members.
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The Three Waves
The initial wave of layoffs began on March 27 when Iger announced that there would be multiple rounds as the Walt Disney Company looked to let go about 7,000 employees. This was due to part of the company’s plan for restructuring, according to Disney CEO Bob Iger.
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The second round of layoffs came on April 24, bringing the eliminated positions to 4,000.
Starting today, May 22, 2023, the third wave will involve laying off approximately 2,500 positions. These layoffs come on the heels of the ongoing writer’s strike, which has halted much of the company’s (and Hollywood’s) production. The 2,500 roles affected in this latest round have yet to be specified. However, Disney Parks, Experiences, and Products Chairman Josh D’Amaro stated earlier that it should not affect hourly theme Park workers.
Disney’s Year So Far
Disney CEO Bob Iger began outlining plans for downsizing soon after his return last November. One area targeted for cuts has been the centralized distribution organization created by former CEO Bob Chapek.
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In addition, the company is starting to remove dozens of titles from its streaming platforms as a cost-cutting measure.
Although it remains to be seen what the newly structured company will look like, hopefully, Disney can work to regain their market share in their theme parks, box office, and streaming services. But that is a tall order, especially in today’s economy.