Walt Disney Co is to begin a second wave of layoffs which is expected to result in 7,000 job losses.
These cuts will represent an estimated 3.6 percent of Disney’s global workforce, according to Reuters.
This move is part of the company’s restructuring efforts as the streaming service continues to endure large losses.
Bog Iger, chief executive, outlined the $5.5bn cost-cutting moves in February.
Disney officials state that “several thousand” jobs will be cut through Thursday, with the latest round of firings bringing the total number of jobs cut to 4,000.
The cuts are not expected to impact frontline workers at the parks and resorts. Rather, the eliminations will be focused on the business sectors, including Disney Entertainment, Experiences and Products, ESPN and Disney Parks.
“We recognize that it has been a period of uncertainty and thank you all for your understanding and patience,” stated an internal memo to staff seen by Reuters.
Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at the University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.