General views of the Disneyland theme park, still closed due to COVID-19 on November 21, 2020 in Anaheim, California. (Photo by AaronP/Bauer-Griffin/GC Images)
The Walt Disney Co. announced plans to lay off 4,000 more workers in its theme parks division in California and Florida due to the COVID-19 pandemic's effect on the industry.
The announcement by the company was made in a U.S. Securities and Exchange Commission filing earlier this week, saying 32,000 employees will be terminated in the first half of fiscal year 2021, which began last month. In late September, the company had already announced plans to terminate 28,000 theme park workers.
In the SEC document filed on the eve of Thanksgiving Day, the company said it also put 37,000 employees not scheduled for termination on furlough as a result of the pandemic.
“Due to the current climate, including COVID-19 impacts, and changing environment in which we are operating, the company has generated efficiencies in its staffing, including limiting hiring to critical business roles, furloughs, and reductions-in-force,” the document said.
The company also said they may make more cuts in spending such as reducing film and television content investments and additional furloughs and layoffs.
In Florida, the company has been limiting attendance at its parks and changing protocols to allow for social distancing by limiting characters' meet and greets.
The company has not specified the number of workers that would be affected in its Orlando theme parks.
Disney’s parks closed in March as the pandemic started spreading in the U.S. The Florida parks reopened in the summer, but the California parks have yet to reopen pending state and local government approvals.
Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
Aurimas Sabulis, CEO of Dextall, unveils how AI‑driven prefabricated façades slash design time by 80%, labor by 87%, and accelerate affordable housing delivery.
Online broker Robinhood Markets will join the S&P 500 index Online broker Robinhood Markets will join the S&P 500 index as its stock rides higher on a cryptocurrency wave.