Update 05/10/2020 1:19pm:

Disney previously revealed they furloughed 43,000 of the workers due to the spread of the coronavirus. From there, the company revealed they stopped paying 100,000 employees during the closure. Now, the company has announced they lost over $1 billion as a result of the COVID-19 pandemic.

According to Disney, the losses stem from the closing of TV operations, retail stores, and Disney parks. Disney CEO Bob Chapek and Executive Chairman Bob Iger released a statement on the matter, saying, “While the COVID-19 pandemic has had an appreciable financial impact on a number of our businesses, we are confident in our ability to withstand this disruption and emerge from it in a strong position.”

They continued saying, “Disney has repeatedly shown that it is exceptionally resilient, bolstered by the quality of our storytelling and the strong affinity consumers have for our brands, which is evident in the extraordinary response to Disney+ since its launch last November. While it's too early to predict when we'll be able to begin resuming all of our operations, we are evaluating a number of different scenarios to ensure a cautious, sensible and deliberate approach to the eventual reopening of our parks.” As of now, the only Disney park set to reopen is the Shanghai location on May 11.

source: Complex

Original 04/20/2020 11:07am:

Previously, it was noted that Disney World was furloughing 43,000 of their workers due to the park closing down because of COVID-19. Now, Disney reportedly plans to stop paying 100,000 employees during the closure due to COVID-19.

According to the Financial Times, the decision to stop paying the massive amount of employees during this time will save the company $500 million per month. Despite that, Disney noted they will continue to provide all their workers with full healthcare benefits during the period.

Disney also announced that executive chairman Bob Iger will be forgoing his pay, saying “Mr. Iger has agreed to forgo, through the last payroll period in the Company’s current fiscal year, receipt of all but that portion of his base salary necessary to fund, on an after-tax basis, his contributions to continue to participate in the Company’s health benefits plan. He is also waiving his right to receive his car allowance payable during the same period the salary waiver is in effect."

source: BBC

Original 04/12/2020 1:45pm:

The spread of the coronavirus has hit many businesses hard, with some shutting down due to the pandemic. Other companies are having to take the route of furloughing staff, as Disney World recently revealed they are planning to furlough 43,000 of their workers due to the park staying closed.

Reports noted Disney World in Orlando had been closed since March 16, and that agreements were reached with unions for the workers. As a result, the planned layoffs will take place on April 19, 2020. A majority of the employees being laid off are facilities workers and security guards, according to Forbes.

Disney noted the employees who are being laid off would be allowed to keep their health benefits for up to a year, and the company is also offering to pay for coronavirus testing for employees in need. There’s no word on when the park will re-open, but for now, the park is being staffed by 200 people who have “essential duties.”

source: Forbes