Disney to Cut 4,000 Jobs

Walt Disney (DIS Quote) said Tuesday it plans to cut 4,000 jobs, about 3.3% of its worldwide workforce, because of a softening economy, but said its 2001 financial outlook remains intact.

Disney said it hopes to achieve the majority of job cuts through a voluntary incentive program that will run through mid-June in which the company will offer employees a special severance package for stepping forward. Disney, which employs an estimated 120,000 people, will complete all layoffs by the end of July and says the move should save $350 million to $400 million annually.

In a letter to employees, the company said the reduction will affect all parts of its business, including corporate staff. ...