Disney is expected to undergo a third round of layoffs this week, reported CNN. Employees who would be let go will reportedly be notified. This round would impact over 2,500 employees. However, the positions that would be affected by this layoff is yet to be disclosed.
Disney CEO Bob Iger had announced the layoffs plan aiming to reduce the workforce by 7,000 in February. Disney had laid off around 4,000 employees in March and April. With this third wave of layoffs it is anticipated that Disney would let go over 6,500 employees inching closer to its goal of firing 7,000 workers.
As per Iger, the decision to let go people was taken to save $5.5 billion in expenditure. The company says that 20% of the cost-cutting amount is from lower expenditure on technology, procurement, and other costs, 30% from labour reduction and the remaining 50% is from marketing operations. As of October 1, Disney had employed 2,20,000 employees globally. This reduction of workforce represents 3% roughly.