Disney previously revealed they furloughed 43,000 of the workers due to the spread of the coronavirus. From there, the company revealed they stopped paying 100,000 employees during the closure. Now, the company has announced they lost over $1 billion as a result of the COVID-19 pandemic.
According to Disney, the losses stem from the closing of TV operations, retail stores, and Disney parks. Disney CEO Bob Chapek and Executive Chairman Bob Iger released a statement on the matter, saying:
“While the COVID-19 pandemic has had an appreciable financial impact on a number of our businesses, we are confident in our ability to withstand this disruption and emerge from it in a strong position. Disney has repeatedly shown that it is exceptionally resilient, bolstered by the quality of our storytelling and the strong affinity consumers have for our brands, which is evident in the extraordinary response to Disney+ since its launch last November. While it’s too early to predict when we’ll be able to begin resuming all of our operations, we are evaluating a number of different scenarios to ensure a cautious, sensible and deliberate approach to the eventual reopening of our parks.”