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Walt Disney Co. Cuts Jobs
The U.S. Walt Disney Co. will eliminate 4,000 full-time jobs, or about 3% of its work force, citing "increasingly pressing challenges of the softening economic environment."
The media and entertainment giant said Tuesday it will try to achieve the cuts through a voluntary program within the next month, but that layoffs will occur if the full reduction is not achieved.
The cuts will come across all operating areas, including the company's corporate staff in Burbank, Calif., the company said.
The company employs 120,000 workers worldwide, with the greatest concentration ¡ª 55,000 ¡ª in Orlando, Fla.
Disney spokesman John Dreyer said the cuts would result in $350 million to $400 million in annual savings.
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