In a filing with the US Securities and Exchange Commission on Wednesday, The Walt Disney Company said it would terminate the employment of "approximately 32,000 employees," primarily at its parks, Variety first reported.
As Business Insider previously reported, Disney's theme parks division lost $2 billion in operating income in the quarter to June, making it the hardest-hit segment of the company.
The parks, including Florida's Walt Disney World and California's Disneyland, were forced to close at the start of the pandemic.
Disney also had to halt television and film production for most of the year, and when it started filming again the process was both slower and more expensive due to COVID-19 safety measures, according to the filing.
The revenue Disney makes from its theme parks, resorts, cruise ships, experiences, and theatrical releases also depends on how quickly demand for public and out-of-home entertainment experiences returns after the pandemic, it warned.
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