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Disney places 100,000 workers on unpaid leave – plans to save US$500m a month
POSTED 21 Apr 2020 . BY Tom Walker
Disney's attractions and hotels have been shut in Europe and the US for more than a month Credit: Shutterstock
Walt Disney is set to stop paying more than 100,000 of its theme park and hotel workers as the entertainment giant struggles with coronavirus closures.

Disney's attractions and hotels have been shut in Europe and the US for more than five weeks now.

According to the Financial Times, the company's decision to furlough and suspend pay for almost half of its workforce could save it up to $500m (£400m, €460m) a month.

The action is expected to affect more than 70,000 workers at the Walt Disney World Resort in Orlando, Florida alone.

In March, Disney's executive chair Bob Iger announced he would forgo his salary for the year, with the company's new CEO Bob Chapek also taking a 50 per cent pay cut.

On 5 April, Disney also cut wages by 20 per cent for all its VP level executives, while senior VPs were handed a 25 per cent pay cut. All executive VPs and above saw a 30 per cent cut.

During the last three months of 2019, Disney made an operating income of US$1.4bn for its parks, experiences and products.

While the company's parks business has been hit hard by the COVID-19 closures, the lockdown has resulted in its online streaming site Disney+ hitting more than 50m subscribers in just five months since it was launched.

The company has rolled out the digital service in eight Western European markets since the end of March.

“We’re truly humbled that Disney+ is resonating with millions around the globe, and believe this bodes well for our continued expansion throughout Western Europe and into Japan and all of Latin America later this year,” said Kevin Mayer, chairman of Walt Disney Direct-to-Consumer & International.
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Jobs   News   Products   Magazine
NEWS
Disney places 100,000 workers on unpaid leave – plans to save US$500m a month
POSTED 21 Apr 2020 . BY Tom Walker
Disney's attractions and hotels have been shut in Europe and the US for more than a month Credit: Shutterstock
Walt Disney is set to stop paying more than 100,000 of its theme park and hotel workers as the entertainment giant struggles with coronavirus closures.

Disney's attractions and hotels have been shut in Europe and the US for more than five weeks now.

According to the Financial Times, the company's decision to furlough and suspend pay for almost half of its workforce could save it up to $500m (£400m, €460m) a month.

The action is expected to affect more than 70,000 workers at the Walt Disney World Resort in Orlando, Florida alone.

In March, Disney's executive chair Bob Iger announced he would forgo his salary for the year, with the company's new CEO Bob Chapek also taking a 50 per cent pay cut.

On 5 April, Disney also cut wages by 20 per cent for all its VP level executives, while senior VPs were handed a 25 per cent pay cut. All executive VPs and above saw a 30 per cent cut.

During the last three months of 2019, Disney made an operating income of US$1.4bn for its parks, experiences and products.

While the company's parks business has been hit hard by the COVID-19 closures, the lockdown has resulted in its online streaming site Disney+ hitting more than 50m subscribers in just five months since it was launched.

The company has rolled out the digital service in eight Western European markets since the end of March.

“We’re truly humbled that Disney+ is resonating with millions around the globe, and believe this bodes well for our continued expansion throughout Western Europe and into Japan and all of Latin America later this year,” said Kevin Mayer, chairman of Walt Disney Direct-to-Consumer & International.
RELATED STORIES
Iger forgoes salary and Chapek takes pay cut as Disney wrestles with COVID-19


Disney's executive chair Bob Iger will forgo his salary for the year, with the company's new CEO Bob Chapek also taking a 50 per cent pay cut.
Disney parks donate surplus food following temporary closure


MORE NEWS
Therme Group announces development plans to roll out wellbeing resorts across UK
Following approval to build a £250mn wellbeing resort in Manchester, Therme Group has revealed plans to develop and expand its concept in other major UK cities.
COVID-19 stimulus package – VAT cut for hospitality, companies to get apprenticeship funding
The hospitality and attractions sectors will benefit from a temporary cut to VAT as part of stimulus measures announced by chancellor Rishi Sunak.
Eureka! reveals new designs for Eureka! Mersey – construction to begin in 2021
New concept designs and visuals have been released for the Eureka! Mersey project – a £11.75m children's visitor attraction being developed in Liverpool, UK.
Thermal project set to ‘redefine city wellbeing’ on track for 2023 opening
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COMPANY PROFILES
iPlayCO

iPlayCo was established in 1999. [more...]
FORREC Ltd

We create guest experiences others don’t, masterplan like no one else can, and give the world’s bi [more...]
Holovis

Holovis is a privately owned company established in 2004 by CEO Stuart Hetherington. [more...]
Vekoma Rides Manufacturing B.V.

Vekoma Rides has a large variety of coasters and attractions. [more...]
+ More profiles  
VIDEO GALLERY

Polin Waterparks & Pool Systems - Experience the experience
Have you ever wondered how the fun is created? Polin Waterparks is a global market leader in the design, manufacture and installation of waterparks and water play attractions. Find out more...
More videos:
Introducing AnimaChat! – Animalive
+ More videos  

CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

08 Oct 2020

VAC 2020 (The Annual National Conference of Visitor Attractions)

Queen Elizabeth II Conference Centre, London, United Kingdom
17-23 Oct 2020

World Leisure Congress 2020

Pinggu, Beijing, China
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2020

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