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Disney furloughs more than 100,000, report says

Disney’s stock dropped 3%

Disneyland Paris is temporarily closed following the spread of the novel coronavirus, Monday March 16, 2020 in Marne La Vallee, east of Paris. For most people, the new coronavirus causes only mild or moderate symptoms. For some it can cause more severe illness. (AP Photo/Rafael Yaghobzadeh)
Disneyland Paris is temporarily closed following the spread of the novel coronavirus, Monday March 16, 2020, in Marne La Vallee, east of Paris. For most people, the new coronavirus causes only mild or moderate symptoms. For some it can cause more severe illness.
Rafael Yaghobzadeh, Associated Press

Disney’s total number of furloughed employees has reached at least 100,000, The Financial Times reports.

What’s the news:

  • The Financial Times reported Disney has furloughed 100,000 employees, most of whom come from the theme parks.
  • The move will reportedly save Disney $500 million per month.
  • Disney has reportedly recommended that workers seek state benefits during the furlough period, though.
  • That number of 100,000 represents about half of Walt Disney Company’s entire workforce, Deadline reports.

Furloughs continue

  • Earlier in April, Walt Disney World furloughed 43,000 workers in one week, allowing them to keep their benefits for the entire year as a result of the coronavirus pandemic, The Associated Press reports.
  • Disney told these workers they could keep their medical, dental and life insurance benefits during the furlough period, or at least up to one year, the AP reports.

Financial dip

  • According to Deadline, Disney’s stock dropped 3% — down to $103 after hanging above $140 a month ago.