Technogym
Technogym
Technogym

Disney places 100,000 workers on unpaid leave – plans to save US$500m a month

Walt Disney is set to stop paying more than 100,000 of its theme park and hotel workers as the entertainment giant struggles with coronavirus closures.

Disney's attractions and hotels have been shut in Europe and the US for more than five weeks now.

According to the Financial Times, the company's decision to furlough and suspend pay for almost half of its workforce could save it up to $500m (£400m, €460m) a month.

The action is expected to affect more than 70,000 workers at the Walt Disney World Resort in Orlando, Florida alone.

In March, Disney's executive chair Bob Iger announced he would forgo his salary for the year, with the company's new CEO Bob Chapek also taking a 50 per cent pay cut.

On 5 April, Disney also cut wages by 20 per cent for all its VP level executives, while senior VPs were handed a 25 per cent pay cut. All executive VPs and above saw a 30 per cent cut.

During the last three months of 2019, Disney made an operating income of US$1.4bn for its parks, experiences and products.

While the company's parks business has been hit hard by the COVID-19 closures, the lockdown has resulted in its online streaming site Disney+ hitting more than 50m subscribers in just five months since it was launched.

The company has rolled out the digital service in eight Western European markets since the end of March.

“We’re truly humbled that Disney+ is resonating with millions around the globe, and believe this bodes well for our continued expansion throughout Western Europe and into Japan and all of Latin America later this year,” said Kevin Mayer, chairman of Walt Disney Direct-to-Consumer & International.

Walt Disney  theme park  coronavirus  furlough  Disney World  Orlando  Bob Iger  Bob Chapek  
Related stories
31 Mar 2020

Iger forgoes salary and Chapek takes pay cut as Disney wrestles with COVID-19

20 Mar 2020

Disney parks donate surplus food following temporary closure

Walt Disney is set to stop paying more than 100,000 of its theme park and hotel workers as the entertainment giant struggles with coronavirus closures. Disney's attractions and hotels have been shut in Europe and the US for more than five weeks now. According to the Financial Times, the company's decision to furlough and suspend pay for almost half of its workforce could save it up to $500m (£400m, €460m)
TAW,VAT,PHR
Disney's attractions and hotels have been shut in Europe and the US for more than a month / Shutterstock
More news
News stories: 1 - 30 of 7704     
 
 
 
News stories: 1 - 30 of 7704     
 
 
 
latest jobs
Competitive hourly rate
Job location: Bristol
company profile
Company profile: Barr + Wray Ltd
Founded in 1959, Barr + Wray is recognised as a world-leading provider of spa design, engineering and pool & spa equipment.
Try cladmag for free!
Sign up with CLAD to receive our regular ezine, instant news alerts, free digital subscriptions to CLADweek, CLADmag and CLADbook and to request a free sample of the next issue of CLADmag.
sign up
Roosegaarde’s Space Waste Lab aims to upcycle space waste into sustainable products
"I want to demonstrate that creativity is our true capital as humans "

Rather than feeling fearful and helpless about the future, we must design a way out of the environmental problems we have created, argues the innovative Dutch designer, artist and inventor Daan Roosegaarde

Catalogue Gallery
Click on a catalogue to view it online
To advertise in our catalogue gallery: call +44(0)1462 431385
features
The Center for Sustainable Landscapes in Pittsburgh, US
José Almiñana
"We are committed to designing evocative landscapes informed by the best environmental science"

The Andropogon principal on pushing the boundaries of landscape design for the benefit of humans and nature

The project to restore Houson’s Memorial Park is ongoing
Thomas Woltz
"I am very proud of stewarding the largest public space to be built in Manhattan in a century"

The Wall Street Journal’s Design Innovator of the Year on designing the gardens at Hudson Yards and looking to the Native Americans for ideas on how to create a resilient future

The Jean-Georges Vongerichten restaurant features 12m-high floor-to-ceiling windows
Dana Kalczak
"If we had focused entirely on high tech in the hotel, the artistry we normally strive for would have been compromised"

Four Seasons’ vice president of design speaks to CLAD about working with Norman Foster and creating magical moments

The waste-to-energy plant has a ski slope, hiking trails, an 85m climbing wall, restaurant and apres ski bar
"It was born from the sheer anxiety of having to submit something brilliant in a very short timescale"

How a moment of desperation led to BIG’s CopenHill, the clean power plant that’s doubling as a skiing and leisure destination. Magali Robathan speaks to the architects that made it happen

cladkit product news
Eden project uses drones to spell out climate change warning
Magali Robathan
Almost 300 drones were used to signal an environmental message above the Eden Project’s biomes, during the UN Climate Change ...
Jaffe Holden helps bring Academy Museum of Motion Pictures alive
Jaffe Holden provided architectural acoustics for the Academy Museum
Magali Robathan
Acoustical consulting firm Jaffe Holden provided architectural acoustics and audio/video design services for the recently opened Academy Museum of Motion ...
Fabio Alemanno Design uses elegant semi-precious stones to create memorable spa experiences
Alemanno believes the stones are well-placed in the spa environment thanks to their capacity to positively support physical and mental health
Megan Whitby
Fabio Alemanno Design has expanded its collection with semi-precious stones to enhance spas, wellness facilities, hotels and private residences. The ...
cladkit product news
Alberto Apostoli and Newform collaborate to launch the A.Zeta showerhead
The showerhead offers two modes; rainfall or waterfall
Megan Whitby
Italian architect Alberto Apostoli has renewed his partnership with Newform – an Italian wellness company – and designed A.Zeta. A.Zeta ...
Cosm unveils Experience Centre with ‘one of a kind’ LED dome
The new Experience Centre houses a 20m LED dome
Magali Robathan
Cosm, a global technology company that builds end-to-end solutions for immersive experiences, has unveiled its Experience Centre which houses a ...
Alberto Apostoli designs tech-forward Wellness Therapy furniture collection for Varaschin
The furniture collection draws on absolute geometries, pure lines, neutral colours and strong references to nature
Megan Whitby
Furniture manufacturer Varaschin has unveiled the new Wellness Therapy range, designed by Italian spa and wellness architect and designer Alberto ...
cladkit product news
Codelocks develops new glass door smart lock
The new lock model allows facilities and building managers to create and manage access via an app or online portal
Megan Whitby
Codelocks has launched its first glass door smart lock to bring intelligent access control to modern spa, leisure, fitness and ...
Móz Designs columns anchor the world’s largest indoor aquarium
The design of the columns was inspired by the sea
Magali Robathan
After a two-year renovation, Oakland-based metal experts Móz Designs have unveiled their inclusion in Georgia Aquarium’s new shark gallery. Located ...
Diamond balloon concept merges tourist attraction with advertising billboard
Magali Robathan
A group of Dutch engineers have presented a new attractions concept that combines a flying observation cabin with LED digital ...
x
Sign up with CLAD for regular news updates
Technogym
Technogym