Disney begins second wave of layoffs: 4,000 people to lose their jobs this week

The entertainment giant began the largest series of layoffs in its history this Monday.

Disney has laid off thousands of people in the second phase of its cutback plan. The entertainment giant began the largest cuts in its history on Monday. By Thursday, the company is expected to have laid off nearly 60% of the expected total, explains Deadline. In other words, the company will have dismissed 4,000 of the 7,000 workers who are planned to be laid off as a result of the Walt Disney Corporation's savings plan.

According to Disney Entertainment Co-Presidents Alan Bergman and Dana Walden, people who lose their jobs will be notified between Monday and Thursday. In addition, in a memo sent to staff, both assured that there will be a final round to complete the 7,000 layoffs before the start of the summer:

Team. As you all know, a few weeks ago the company began notifying employees whose roles are impacted as part of our overall business realignment and cost-savings efforts. We wanted to share that notifications will continue in many areas of the company over the next several days. In addition, restructuring in various businesses will continue for the next couple of months, and we do anticipate there will be further impacts before the summer, as previously shared. Each team is in a different place in this process, and your leaders will be sharing more context for your group soon.

All areas of Disney affected by layoffs

In the press release, both stated that "these are hard decisions" that "have been made with considerable thought." They also assured that each layoff process is being conducted with the utmost "respect and compassion" and that they will offer support and assistance to those affected to the greatest extent possible.

This workforce cuts are part of the savings plan that Bob Iger presented a few months ago with the goal of reducing costs by $5.5 billion. The layoffs will affect all parts of the entertainment giant, including Disney Entertainment, ESPN, as well as Disney Parks, Experiences and Products. All of them will see, either this week or over the next few months, their teams downsized and significantly reduced in order to streamline the business and, in doing so, try to save the Mickey Mouse company.