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Disney Company Restructures Theme Parks, Cuts Jobs

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Feb 19, 2009 1:20 am US/Pacific

Disney Company Restructures Theme Parks, Cuts Jobs

BURBANK, Calif. (AP) ― Walt Disney Co. says it will lay off an unspecified number of workers as it restructures its U.S. theme parks in the wake of declines in attendance and revenue.

Jay Rasulo, chairman of Walt Disney Parks and Resorts, said in a statement the changes "reflect today's economic realities."

The latest job cuts follow Disney's offer last month of voluntary buyout packages to about 600 executives in the parks division.

The changes come just weeks after the Burbank-based media and entertainment company reported a 32 percent decline in quarterly profit amid a downturn that Chief Executive Robert Iger called "likely to be the weakest economy in our lifetime."

The changes take effect immediately.

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