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(The Hollywood Reporter)   M-I-C see ya later, 32,000 jobs K-E-Y why? Because of this pandemic, ha ha ha, M-O-U-S-E   (hollywoodreporter.com) divider line
    More: Sad, The Walt Disney Company, Walt Disney, Walt Disney Parks and Resorts, Walt Disney Co. plans, Mouse House's Disneyland, theme parks unit, Disneyland Resort, Disneyland Paris  
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874 clicks; posted to Business » on 26 Nov 2020 at 12:13 PM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



33 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
2020-11-26 11:33:59 AM  
This truly is sad. Can't wait for this pandemic to end and they can be slowly brought back.
 
2020-11-26 12:53:04 PM  
Good luck getting them back.  When you fire a lot of employees, a significant chunk won't return.
 
2020-11-26 1:13:31 PM  
Yeah. Because disney cant afford to keep people on pay through all this


They just struggle to make ends meet on a good year you know?
 
2020-11-26 1:26:01 PM  

lifeslammer: Yeah. Because disney cant afford to keep people on pay through all this


They just struggle to make ends meet on a good year you know?


32,000 X (on average) $30,000 yearly salary= $960 Million

Estimate Profit loss for 2020 and 2021 from themeparks revenue-- $700 Million 
(source https://www.cnbc.com/2020/05/0​5/disneys-parks-could-be-biggest-drag-​on-second-quarter-earnings.html.)
 
2020-11-26 1:27:17 PM  

lifeslammer: Yeah. Because disney cant afford to keep people on pay through all this


They just struggle to make ends meet on a good year you know?


Disneyland has been closed for 8 months. Other than a bad childhood, what makes you think any company can close for 8 months and still pay their employees?
 
2020-11-26 1:38:44 PM  

Reyito: lifeslammer: Yeah. Because disney cant afford to keep people on pay through all this


They just struggle to make ends meet on a good year you know?

32,000 X (on average) $30,000 yearly salary= $960 Million

Estimate Profit loss for 2020 and 2021 from themeparks revenue-- $700 Million 
(source https://www.cnbc.com/2020/05/0​5/disneys-parks-could-be-biggest-drag-​on-second-quarter-earnings.html.)


God, how can a company worth 130 billion survive if it might lose two billion by being decent human beings
 
2020-11-26 1:43:41 PM  

Reyito: lifeslammer: Yeah. Because disney cant afford to keep people on pay through all this


They just struggle to make ends meet on a good year you know?

32,000 X (on average) $30,000 yearly salary= $960 Million

Estimate Profit loss for 2020 and 2021 from themeparks revenue-- $700 Million 
(source https://www.cnbc.com/2020/05/0​5/disneys-parks-could-be-biggest-drag-​on-second-quarter-earnings.html.)


Add in benefits, payroll taxes, and other expenses, and it's likely double that.
 
2020-11-26 1:44:16 PM  

OrionXVI: Good luck getting them back.  When you fire a lot of employees, a significant chunk won't return.


You'd think that, but Disney has a pipeline to culinary arts schools which employ the students during their internship portion of the education.  The culinary students get to pay their school for tuition while being employed by outside companies.  This has been going on for decades.

Disney will be just fine
 
2020-11-26 1:47:56 PM  

lifeslammer: Reyito: lifeslammer: Yeah. Because disney cant afford to keep people on pay through all this


They just struggle to make ends meet on a good year you know?

32,000 X (on average) $30,000 yearly salary= $960 Million

Estimate Profit loss for 2020 and 2021 from themeparks revenue-- $700 Million 
(source https://www.cnbc.com/2020/05/0​5/disneys-parks-could-be-biggest-drag-​on-second-quarter-earnings.html.)

God, how can a company worth 130 billion survive if it might lose two billion by being decent human beings


Being worth $130 billion doesn't mean they have $2 billion in cash to lose. Their 2019 profit was just over $11 billion. It's likely to be a lot lower this year. They have tens of thousands of other employees in other industries to be thinking about as well. No income from theme parks or, theatrical releases, great reduction in revenues from ESPN due to lack of sports, and drop of revenue from fewer people watching their television networks is hurting them despite them being a big business.
 
2020-11-26 2:02:07 PM  
I'm not aware of any company that can afford to pay people for no work.

Far as I've seen they've done a fantastic job keeping so many people on as long as they have, implementing the private-sector equivalent of Conservation Corps style make-work to keep them working and improving the parks in the hope this would turn around.

There're only so many times you can have the same guys clean the same already-clean unused amusement park.
 
2020-11-26 2:08:10 PM  

GregInIndy: I'm not aware of any company that can afford to pay people for no work.



The 10 American Companies With the Most Cash

Article is from March 2020; however, I doubt their reserves have been badly depleted.
 
2020-11-26 2:20:41 PM  
At least they have their health!  32,000 people losing their job is the part of the economy people are worried about, not the profits of Wall Street billionaires as some idiots would have you believe.
 
2020-11-26 2:45:34 PM  
According to the googles Disney has about $23 billion in cash on hand:
https://www.disneyfoodblog.com/2020/0​8​/14/disney-has-23-billion-in-cash-righ​t-now-but-why/
 
2020-11-26 3:01:10 PM  

GregInIndy: I'm not aware of any company that can afford to pay people for no work.

Far as I've seen they've done a fantastic job keeping so many people on as long as they have, implementing the private-sector equivalent of Conservation Corps style make-work to keep them working and improving the parks in the hope this would turn around.

There're only so many times you can have the same guys clean the same already-clean unused amusement park.


Apple could pay their entire staff, executives included, for years just with the cash they have offshore in illegal stash accounts they pay no tax on
 
2020-11-26 3:04:17 PM  

Reyito: lifeslammer: Yeah. Because disney cant afford to keep people on pay through all this


They just struggle to make ends meet on a good year you know?

32,000 X (on average) $30,000 yearly salary= $960 Million

Estimate Profit loss for 2020 and 2021 from themeparks revenue-- $700 Million 
(source https://www.cnbc.com/2020/05/0​5/disneys-parks-could-be-biggest-drag-​on-second-quarter-earnings.html.)


It's almost as if we needed and still need federal support for connected to employment.  Those same businesses (airlines, theme parks etc) took billions and laid off their employees anyway.  Disney can depreciate their parks 100% this year on their taxes, covering a huge portion of those losses.
 
2020-11-26 3:11:58 PM  

lifeslammer: Yeah. Because disney cant afford to keep people on pay through all this


They just struggle to make ends meet on a good year you know?


It's been almost 9 months. Nobody can just pay people not to work for close to year. Get your head out of your ass.
 
2020-11-26 3:19:54 PM  

Mikey1969: lifeslammer: Yeah. Because disney cant afford to keep people on pay through all this


They just struggle to make ends meet on a good year you know?

It's been almost 9 months. Nobody can just pay people not to work for close to year. Get your head out of your ass.


Several posts above yours have disproved your generalization.
 
2020-11-26 3:49:11 PM  

ArkAngel: lifeslammer: Reyito: lifeslammer: Yeah. Because disney cant afford to keep people on pay through all this


They just struggle to make ends meet on a good year you know?

32,000 X (on average) $30,000 yearly salary= $960 Million

Estimate Profit loss for 2020 and 2021 from themeparks revenue-- $700 Million 
(source https://www.cnbc.com/2020/05/0​5/disneys-parks-could-be-biggest-drag-​on-second-quarter-earnings.html.)

God, how can a company worth 130 billion survive if it might lose two billion by being decent human beings

Being worth $130 billion doesn't mean they have $2 billion in cash to lose. Their 2019 profit was just over $11 billion. It's likely to be a lot lower this year. They have tens of thousands of other employees in other industries to be thinking about as well. No income from theme parks or, theatrical releases, great reduction in revenues from ESPN due to lack of sports, and drop of revenue from fewer people watching their television networks is hurting them despite them being a big business.


Working capital is $8.6b as of 9/30/20.  Net debt is just over $40b.  Cutting ~30k people, who are incredibly easily replaceable and are currently not doing their job, is an easy decision.
 
2020-11-26 3:50:37 PM  
Besides the cash that is PROFIT being posted year after year. Not revenue. You know how many tax write-offs a company like Disney has?

How about the execs take a pay cut instead of paying themselves bonuses.

They have access to crazy cheap loan rates and the bond market. They can issue new stock.

Do I really need to go on?
 
2020-11-26 3:52:18 PM  

Chief Superintendent Lookout: Mikey1969: lifeslammer: Yeah. Because disney cant afford to keep people on pay through all this


They just struggle to make ends meet on a good year you know?

It's been almost 9 months. Nobody can just pay people not to work for close to year. Get your head out of your ass.

Several posts above yours have disproved your generalization.


Sorry. I realize that you don't understand reality, and how businesses work, but I stand by my assertion. Businesses aren't just a cash cow that has free money available until the end of time, despite what you read on the internet.
 
2020-11-26 4:10:05 PM  

Northern: Reyito: lifeslammer: Yeah. Because disney cant afford to keep people on pay through all this


They just struggle to make ends meet on a good year you know?

32,000 X (on average) $30,000 yearly salary= $960 Million

Estimate Profit loss for 2020 and 2021 from themeparks revenue-- $700 Million 
(source https://www.cnbc.com/2020/05/0​5/disneys-parks-could-be-biggest-drag-​on-second-quarter-earnings.html.)

It's almost as if we needed and still need federal support for connected to employment.  Those same businesses (airlines, theme parks etc) took billions and laid off their employees anyway.  Disney can depreciate their parks 100% this year on their taxes, covering a huge portion of those losses.


Airlines too the cash with the caveat they don't furlough prior to October 1st.  So the first furloughs were October 1st.  If Congress didn't want furloughs they should have specified.
 
2020-11-26 4:15:53 PM  

Mikey1969: Chief Superintendent Lookout: Mikey1969: lifeslammer: Yeah. Because disney cant afford to keep people on pay through all this


They just struggle to make ends meet on a good year you know?

It's been almost 9 months. Nobody can just pay people not to work for close to year. Get your head out of your ass.

Several posts above yours have disproved your generalization.

Sorry. I realize that you don't understand reality, and how businesses work, but I stand by my assertion. Businesses aren't just a cash cow that has free money available until the end of time, despite what you read on the internet.


How do businesses work?  Just to maximize profit for their shareholders?  Maybe it's time to rethink how businesses work when they have the ability to weather a once in a hundred years pandemic and still pay their employees, but choose not to.  This is a choice for Disney, but people like you are totally willing to sell out everything in the name of profit that you'll never take part in sharing.
 
2020-11-26 4:33:11 PM  

GregInIndy: I'm not aware of any company that can afford to pay people for no work.

Far as I've seen they've done a fantastic job keeping so many people on as long as they have, implementing the private-sector equivalent of Conservation Corps style make-work to keep them working and improving the parks in the hope this would turn around.

There're only so many times you can have the same guys clean the same already-clean unused amusement park.


From more or less when it was possible, Bill Gates made sure he could keep Microsoft afloat for a year on zero revenues.  Now that he's no longer Chairman, that  policy might no longer be kept.  In 1992 IBM went from being Big Blue to being "that company that used to make computers", and knew that sooner or later father time would come for Microsoft.

A founder has a personal interest in keeping a company going.  A hired CEO is there to maximize quarterly profits, and not worry about the next until the next quarter.  If Disney has a fat wad of cash around, that means they are looking for some valuable IP to render or some media company to help complete their monopoly.
 
2020-11-26 4:37:07 PM  

OrionXVI: Good luck getting them back.  When you fire a lot of employees, a significant chunk won't return.


Who said they want them back. The pandic is a great way to weed out chaffe. By the time this is truly over, there will be thousands needing job.
 
2020-11-26 4:39:53 PM  

Mikey1969: Chief Superintendent Lookout: Mikey1969: lifeslammer: Yeah. Because disney cant afford to keep people on pay through all this


They just struggle to make ends meet on a good year you know?

It's been almost 9 months. Nobody can just pay people not to work for close to year. Get your head out of your ass.

Several posts above yours have disproved your generalization.

Sorry. I realize that you don't understand reality, and how businesses work, but I stand by my assertion. Businesses aren't just a cash cow that has free money available until the end of time, despite what you read on the internet.


I greatly understand reality.  When there are examples of businesses sitting on BILLIONS in cash, it means those entities can afford to pay people not to do anything for an entire year.  No one said "until the end of time".
 
2020-11-26 4:43:29 PM  

Chief Superintendent Lookout: Mikey1969: lifeslammer: Yeah. Because disney cant afford to keep people on pay through all this


They just struggle to make ends meet on a good year you know?

It's been almost 9 months. Nobody can just pay people not to work for close to year. Get your head out of your ass.

Several posts above yours have disproved your generalization.


Okay. How about this. Perhaps they can, but do not wan't to.  Feel better? Do those people have jobs if you word it differently? Every knows Farkers detest Disney. It's okay. It's not meant for miserable loner types.
 
2020-11-26 6:53:06 PM  
Most of those jobs are likely unskilled and low pay, food service and janitorial.   With the cruise lines being shut down I wonder if those jobs are counted as well.  I doubt Disney pays all the brown people who do the biatch work to make your cruise a "magic" experience even bare minimum wage,
 
2020-11-26 11:23:41 PM  

dark brew: Mikey1969: Chief Superintendent Lookout: Mikey1969: lifeslammer: Yeah. Because disney cant afford to keep people on pay through all this


They just struggle to make ends meet on a good year you know?

It's been almost 9 months. Nobody can just pay people not to work for close to year. Get your head out of your ass.

Several posts above yours have disproved your generalization.

Sorry. I realize that you don't understand reality, and how businesses work, but I stand by my assertion. Businesses aren't just a cash cow that has free money available until the end of time, despite what you read on the internet.

How do businesses work?  Just to maximize profit for their shareholders?  Maybe it's time to rethink how businesses work when they have the ability to weather a once in a hundred years pandemic and still pay their employees, but choose not to.  This is a choice for Disney, but people like you are totally willing to sell out everything in the name of profit that you'll never take part in sharing.


Tell ya what, start your own multi billion dollar business and run it as you see fit.
Oh, and do it without investors (or investors who aren't too concerned about their return on investment).

Go ahead, show us all a thing or 2.


It's a business, not a charity.
 
2020-11-26 11:53:34 PM  

Sasquach: dark brew: Mikey1969: Chief Superintendent Lookout: Mikey1969: lifeslammer: Yeah. Because disney cant afford to keep people on pay through all this


They just struggle to make ends meet on a good year you know?

It's been almost 9 months. Nobody can just pay people not to work for close to year. Get your head out of your ass.

Several posts above yours have disproved your generalization.

Sorry. I realize that you don't understand reality, and how businesses work, but I stand by my assertion. Businesses aren't just a cash cow that has free money available until the end of time, despite what you read on the internet.

How do businesses work?  Just to maximize profit for their shareholders?  Maybe it's time to rethink how businesses work when they have the ability to weather a once in a hundred years pandemic and still pay their employees, but choose not to.  This is a choice for Disney, but people like you are totally willing to sell out everything in the name of profit that you'll never take part in sharing.

Tell ya what, start your own multi billion dollar business and run it as you see fit.
Oh, and do it without investors (or investors who aren't too concerned about their return on investment).

Go ahead, show us all a thing or 2.


It's a business, not a charity.


Cool binary world you live in.
 
2020-11-27 2:16:45 AM  

lifeslammer: Reyito: lifeslammer: Yeah. Because disney cant afford to keep people on pay through all this


They just struggle to make ends meet on a good year you know?

32,000 X (on average) $30,000 yearly salary= $960 Million

Estimate Profit loss for 2020 and 2021 from themeparks revenue-- $700 Million 
(source https://www.cnbc.com/2020/05/0​5/disneys-parks-could-be-biggest-drag-​on-second-quarter-earnings.html.)

God, how can a company worth 130 billion survive if it might lose two billion by being decent human beings


Love this philosophy. Beautiful.

The pinnacle example of what makes Americans so dumb. Begging corporations for scraps and appealing to their decency.

Spoiler alert, it's you and your government that should be taking care of the people they forced out of work.
 
2020-11-27 2:58:54 AM  

lincoln65: lifeslammer: Reyito: lifeslammer: Yeah. Because disney cant afford to keep people on pay through all this


They just struggle to make ends meet on a good year you know?

32,000 X (on average) $30,000 yearly salary= $960 Million

Estimate Profit loss for 2020 and 2021 from themeparks revenue-- $700 Million 
(source https://www.cnbc.com/2020/05/0​5/disneys-parks-could-be-biggest-drag-​on-second-quarter-earnings.html.)

God, how can a company worth 130 billion survive if it might lose two billion by being decent human beings

Love this philosophy. Beautiful.

The pinnacle example of what makes Americans so dumb. Begging corporations for scraps and appealing to their decency.

Spoiler alert, it's you and your government that should be taking care of the people they forced out of work.


Who is it that wrote tax law again? Oh right.....
 
2020-11-27 7:44:09 AM  

lincoln65: lifeslammer: Reyito: lifeslammer: Yeah. Because disney cant afford to keep people on pay through all this


They just struggle to make ends meet on a good year you know?

32,000 X (on average) $30,000 yearly salary= $960 Million

Estimate Profit loss for 2020 and 2021 from themeparks revenue-- $700 Million 
(source https://www.cnbc.com/2020/05/0​5/disneys-parks-could-be-biggest-drag-​on-second-quarter-earnings.html.)

God, how can a company worth 130 billion survive if it might lose two billion by being decent human beings

Love this philosophy. Beautiful.

The pinnacle example of what makes Americans so dumb. Begging corporations for scraps and appealing to their decency.

Spoiler alert, it's you and your government that should be taking care of the people they forced out of work.


I didn't force anyone out of work.
 
2020-11-27 9:11:08 AM  
Do those who are furloughed have the opportunity to get a different job while they with this out?  It's going to be months before these venues can even think about reopening.
 
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