Disney to Pinkslip 4,000
Mar 28, 2001, 12:00 AM
The Walt Disney Co., in a letter to its employees on Tuesday, said it will trim 4,000 jobs, or about 3 percent of its 120,000-strong global work force, in the face of a weakening economy. Burbank, Calif.-based Disney, owner of the Disney movie studio, ABC and ESPN television networks and theme parks around the world, expects to take one-time charges totaling less than $250 million spread across its fiscal third and fourth quarters to account for the job cuts, a spokesman said. He said Disney expects to save $350 million to $400 million annually from the job cuts. Disney hopes to trim its workforce first through voluntary reductions, but would move to mandatory layoffs, if needed.