Disney furloughs 100k employees

Walt Disney Co, is now suspending salary payments to over 100,000 employees, mostly cast members in its theme parks, as the COVID-19 pandemic is delivering blow after blow to the beleaguered entertainment industry, US media reported on Monday.

The move to furlough many of its employees will save Disney about $500 million a month in expenses.

The company has drawn on its credit facilities and has about $20 billion in cash to weather this storm, according to a multimedia financial-services company.

The Hollywood entertainment giant last month shut down the Disneyland Resort in Anaheim, California and Walt Disney World in Orlando, Florida, and later announced those theme park resorts will remain closed "until further notice" amid the COVID-19 pandemic.

Disney noted on April 2 in a statement the pandemic is having "a devastating impact on the company with untold suffering and loss" and "has required all of us to make sacrifices."

新闻来源：ChinaDaily