Within the next four days, the company will notify the first group of employees of the cutbacks.
The Walt Disney Company CEO Bob Iger said the company is beginning the process of laying off 7,000 employees as part of a reorganization process. This is reported by Reuters, citing a letter from Iger.
The letter notes that within four days, the company will begin notifying the first group of employees to be laid off. Meanwhile, the company plans to begin a larger wave of employee layoffs in April. Several thousand employees are expected to be laid off in the second wave.
At the same time, according to Eiger's letter, the entire process of reducing the company's staff is expected to be completed by the summer of this year. According to Reuters, the cuts will affect several major divisions of the company - Disney Entertainment and Disney Parks, Experiences and Products.
It is noted that massive layoffs in the company is part of cost-cutting measures of 5.5 billion dollars.