The Walt Disney Co. will be laying off several thousand employees this week, a second round of cuts that's part of a previously announced plan to eliminate 7,000 jobs this year.
The latest employee releases will take place Monday through Thursday, according to Disney officials. The company will have reached approximately 4,000 job cuts when factoring in both the first and second rounds of layoffs.
The job eliminations are taking place across various business segments, including entertainment, ESPN, parks, experiences and products. The cuts are also occurring in various locations, including Burbank, California, New York and Connecticut. The company previously said that it doesn't expect the job cuts to impact hourly frontline operations roles at its parks and resorts.
Disney anticipates a third round of job cuts starting before the beginning of the summer in order to hit the 7,000 eliminations target.
Disney CEO Bob Iger had announced in February that the company was going to cut about 7,000 jobs as part of an ambitious companywide cost-savings plan and “strategic reorganization.” The job cuts amount to about 3% of the entertainment giant’s global workforce.
Disney has said that the job reductions are part of a targeted $5.5 billion cost savings across the Burbank-based company.
Shares of Disney dipped slightly in midday trading on Monday.