The Walt Disney Company CEO Bob Iger has announced that the company has begun laying off 7,000 employees, with several thousand more likely to be laid off next April.
The company’s CEO said, Reuters reports, that the company will begin notifying the first group of employees within the next four days, with a second, larger wave expected to include layoffs of “several thousand employees” in April.
He indicated that the process of reducing the number of employees of the company will be fully completed by the summer of 2023.
The massive layoffs at The Walt Disney Company are part of a $5.5 billion cost-cutting effort.
The agency confirmed that the layoffs will affect many of the company’s core businesses, such as Disney Entertainment and Disney Parks, Experiences and Products.
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