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Saturday, April 10, 2021

Losing the magic

Walt Disney shares fell after officials announced they will start furloughing workers in two weeks at its theme park resorts in Florida and California. Disney Co. said the first wave of furloughs will start April 19 and involve workers whose jobs aren’t necessary at this time. Anyone who is furloughed will remain a Disney employee, the company said. “Over the last few weeks, mandatory decrees from government officials have shut down a majority of our businesses,” Disney said in a statement. The statement did not say how many of Walt Disney World’s more than 75,000 employees or Disneyland’s 31,000 workers would be furloughed, but it would involve executive, salaried and hourly non-union employees. Disney World has the largest number of workers at a single location in the U.S. More than half of its workers are covered by a union contract.

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