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Disney Affected by Softening Economy
Disney Affected by Softening Economy As of March 28, Walt Disney Co. announced plans to lay off 3% of it’s global workforce in response to the nations weakening economy that has already hurt advertising sales and could reach into tourism. Since 1974 when the company had to cut back due to gasoline shortages, Disney has been relatively immune to economic downturns because of the consumers continued spending on entertainment. “Cuts are always painful, but it is clearly a productive move by Disney to counter a softer economy and deliver on its goals of increasing returns,” Salomon Smith Barney’s Jill Krutick said. “Tuesday’s news at Disney was delivered to employees just after 1 p.m. in an e-mail addressed ‘Dear Fellow Cast Members’ that was signed by Chairman Michael D. Eisner and Iger. Eisner and Iger said that ‘the economy has been more challenging in recent months and that we need to face up to the increasingly pressing challenges of the softening economic environment.’” Disney’s decision, affecting more that disney, said, layoffs, employees, economy, cuts, been, workers, walt, technical, staff, spokesman, operators, officials, include, iger, eisner, economic, decision, co, administrative, 3%, dear, world, workforce, worker, wide, weeks, weakening, warren, voluntary, until, two, trims, tourism, top, through, theme, telephone, targeted, target, support, start, spending, softer, softening, smith, since, signed
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