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News > Companies
Pink slips due at Disney
June 8, 2001: 1:51 p.m. ET

3,000 accept voluntary severance packages, but more face dismissal
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NEW YORK (CNNfn) - Walt Disney Co. is set to deliver about 1,000 pink slips to its employees in the final phase of a plan to slash 4,000 jobs, the company confirmed Friday.

A spokesman at Disney said most of the terminations will occur immediately and continue until the end of July.

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The Burbank, Calif.-based media powerhouse initially announced its plans to slash about 3 percent of its global work force in March and offered voluntary severance packages to most of its salaried employees. So far 3,000 employees have accepted the offer.

In addition, the Los Angeles Times reported that more layoffs are expected at Disney's ABC studio.

Disney blamed the slowing economy for the latest layoffs, and said it expects to save $350 million to $400 million a year from the cuts.

Shares of Disney (DIS: down $0.46 to $31.69, Research, Estimates) have been trading between $42.81 and $26 in the past 52 weeks. graphic

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