3/27, 6:32 PM (Source: TeleTrader)
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Disney reportedly to start announced layoffs this week

The Walt Disney Company will begin the first round of its previously announced 7,000 layoffs this week, CNBC reported on Monday, citing a memorandum Chief Executive Officer (CEO) Bob Iger sent to the staff.

"Leaders will be communicating the news directly to the first group of impacted employees over the next four days," Iger's memo read. "A second, larger round of notifications will happen in April with several thousand more staff reductions, and we expect to commence the final round of notifications before the beginning of the summer to reach our 7,000-job target."

Disney's decision on layoffs came in an effort to cut $5.5 billion in costs. Meanwhile, its fun park Walt Disney World Resort Orlando, Florida agreed to raise the minimum wage for the employees to $18 per hour by the end of 2023.

Baha Breaking News (BBN) / JR