Disney to lay off 32,000 workers

It is not the first time in recent months that Disney has announced layoffs. The company announced in September that they would be laying off 28,000 employees. Layoffs come as the company is forced to close their resorts, cancel their cruises, and delay the release of their upcoming film "Black Widow" as Americans avoid social gatherings.

Disney said that if business does not turn around in the near future, they may have to cut dividends, reduce pensions, abandon some film projects, and lay off even more employees. According to Disney, "[some] of these measures may have an adverse impact on our businesses." The company already posted a loss of $2.8 billion for the year ending September 30th, a stunning reversal from the $10.4 billion in profits the company made the previous year.

The company's decisions during the pandemic have sparked the ire of Senator Elizabeth Warren, who criticized Disney for providing "hefty compensation packages" to executives in the years leading up to the pandemic. Bob Chapek, the CEO of Disney, clapped back at Warren by describing her statement as "ill-considered and misleading." Warren was joined in her criticism by Abigail Disney, the granddaughter of Disney co-founder Roy Disney.

While ten of Disney's twelve theme parks across the globe remain closed due to the pandemic, Disney was allowed to reopen their parks in Shanghai and Florida. Their Paris location was open until France ordered a nationwide lockdown a few weeks ago. The company has heavily criticized California Governor Gavin Newsom for forcing their resort in California to remain closed.

Disney's streaming service, Disney+, however, has been remarkably successful as citizens of countries hit by the coronavirus pandemic remain home streaming movies and TV shows. Barely a year old, the streaming service now boasts over 74 million subscribers.