Disney could be laying at least 32,000 employees before March 2021 as the coronavirus pandemic continues to hammer its parks and resorts business.
This is 4,000 more than previously announced according to a filing to the US Securities and Exchange Commission on Wednesday.
The American diversified multinational mass media and entertainment conglomerate employs around 223,000 people, according to its most recent annual report. It had already announced plans to cut about 28,000 jobs in September.
The firm also warned that it could scrap its dividend in the future, and reduce or not make contributions to pension and retirement medical plans. It said it could slash investment in television and film productions, and furlough or terminate even more employees.
The pandemic has slammed Disney’s parks business, which has more than 100,000 employees in the United States. The company has also been forced to suspend cruise ship sailings and delay major film releases.
All 12 of Disney’s parks in North America, Asia and Europe were closed between March and May. While Disney has since reopened theme parks in Shanghai and Florida, its flagship park in California will remain shut at least until the end of 2020.
Disneyland Paris was forced to close again late last month when France imposed a second nationwide lockdown.
Disney swung to a loss of $2.8 billion for the year to September 30, marking a sharp reversal from the previous year, when the company posted a $10.4 billion profit.