Tech & Biz

Disney Announces Upcoming Layoffs

by Jordan Yerman | February 19, 2009 at 07:25 am

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You know it's bad when even Disney is announcing layoffs. Profits from Disney theme parks must be dipping severely for the mouse-eared megalith to cut back on ride design and menu planning, and to announce buyouts to some of its execs ahead of layoffs.

Meanwhile, Disneyland and Disney World are offering big discounts and free acommodation to anyone willing to make the pilgrimage.

The measures will result in job cuts, but the company didn't say how many would be lost.

Shares of Disney, a Dow component, closed Wednesday at $17.63.

The moves were brought on by economic conditions, Disney Parks and Resorts chairman Jay Rasulo said in a statement. The company offered voluntary buyouts to about 600 parks-unit executives last month and extended discounts through Aug. 15 to lure visitors.

ABC, owned by Disney, has cut 200 jobs already, freezing hiring through 2010 and merging the studio and programming divisions.

So, Disney has two dogs: Goofy and Pluto. Which will they keep: the loyal pet or the one with opposable thumbs? I jest, but this is the sort of stress that workers all over the country are dealing with every day now.

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Paschen

at 07:39 on February 19th, 2009

I should cheek out what Disney Tokyo is doing since every thing is slowing down here now. And the lay off drama is starting to be felt here as well.

mtammas

at 08:59 on February 19th, 2009

Disney has never been a 'magic kingdom' for workers, despite the staff being the foundation upon which the empire has been built. Now-a-days, Disney Inc is just another multinational, but they do dress up the product nicely, right, Miley?