Disney will lay off 28,000 employees across its parks, experiences and consumer products segment, CNBC reported. The company blamed prolonged closures and capacity limits at open parks in the wake of the coronavirus pandemic.
While Disney’s theme parks in Florida, Paris, Shanghai, Japan and Hong Kong have been able to reopen with limited capacity, both California theme parks have remained shuttered.
The parks, experiences and consumer products segment is a vitally important part of Disney’s business. Last year, it accounted for 37% of the company’s $69.6 billion in total revenue.