Disney places 100,000 workers on unpaid leave – plans to save US$500m a month | attractionsmanagement.com news
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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.
Sign up here to get the Attractions Management weekly ezine and every issue of Attractions Management magazine free on digital.
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.
MORE NEWS
Budget 2021: government earmarks £700m for sports and culture as part of recovery plans
Chancellor Rishi Sunak has unveiled an additional £700m funding boost for sports and culture, as part of plans to help the UK economy recover from the effects of the pandemic.
Longwood Gardens reveals plans for ambitious US$250m expansion
Longwood Gardens, a botanical visitor attraction near Philadelphia, US, has revealed plans for an ambitious, US$250m redevelopment project.
Pandemic having 'massive impact' on US attractions – losses estimated at US$23bn
The pandemic cost the US visitor attractions an estimated US$23bn in economic losses during 2020, while the sector also suffered job losses five times larger than the average loss across all other US industries.
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COMPANY PROFILES
iPlayCO

iPlayCo was established in 1999. [more...]
Sally Corporation

Our services include: Dark ride design & build; Redevelopment of existing attractions; High-quality [more...]
Alterface

Alterface’s Creative Division team is seasoned in concept and ride development, as well as storyte [more...]
Clip 'n Climb

Clip ‘n Climb currently offers facility owners and investors more than 40 colourful and unique Cha [more...]
+ More profiles  
FEATURED SUPPLIER

Triotech and Benoit Cornet’s Bold Move to collaborate on breakthrough innovative media-based attractions
Triotech has announced a breakthrough alliance with Benoit Cornet and Bold Move to bring a new collaborative approach to the design of media-based attractions – with an emphasis on adding value for operators. [more...]
VIDEO GALLERY

Animalive - Introducing AnimaChat!
Introducing AnimaChat, one operator can live-stream into multiple venues. Find out more...
More videos:
+ More videos  

CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

05-07 May 2021

TEA SATE Europe 2020

PortAventura World, Tarragona, Spain
09 Jun 2021

IAAPA Expo Asia 2021

The Venetian Macao, Macao, China
+ More diary  
 


ADVERTISE . CONTACT US

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

©Cybertrek 2021

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