Burbank-based Walt Disney Co. said Wednesday it would cut 7,000 jobs, or roughly 3% of its workforce, as part of a restructuring effort to slash $5.5 billion in costs.
Reports indicate the layoffs will be across almost all of Disney’s portfolio, which includes Disneyland Resort in Anaheim, though it’s not yet clear if, or when, the cuts will impact the resort’s 34,000 employees.
The layoffs were announced as the company said it would restructure its company to be made up of three divisions: Disney Entertainment, an ESPN division and a Parks, Experiences and Products unit.
Walt Disney, which employed about 220,000 people as of October, is Orange County’s top employer.
For more on layoffs in Orange County, read this week’s issue of the Business Journal.
