10 things you need to know today: September 30, 2020

Disney on Tuesday told employees it was going to have to lay off 28,000 employees across the entertainment giant’s parks, experiences, and consumer products division. The cuts were necessary to offset losses at parks that have remained closed due to the coronavirus pandemic, and low attendance at parks that have reopened. About 67 percent of the employees being laid off were part-timers, Josh D’Amaro, head of parks at Disney, wrote in the letter. Disney’s theme parks in Florida, Paris, Shanghai, Japan, and Hong Kong have reopened but with limited capacity, while both California Adventure and Disneyland in Anaheim, California, have remained closed. D’Amaro wrote in the letter that management had “worked tirelessly” to avoid layoffs, but cutting expenses and capital projects didn’t save enough money. [CNBC]

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