Disney has announced that it will stop paying more than 100,000 of its employees from this week as it struggles with ongoing global coronavirus lockdown.
The international entertainment group’s theme parks and hotels across the US, Europe and Asia have been heavily hit as a result of the pandemic.
By stopping pay for almost half of its global workforce, Disney will save almost £400m a month. Disney did also announce that it will still provide full healthcare benefits for staff placed on unpaid leave.
Last year, Disney had revenues of £1.15bn for its parks, experiences and products in the last three months of 2019.
Americans seeking unemployment benefits has been surging since its national lockdown, rising above six million.
Last month Walt Disney Executive Chairman Bob Iger announced that he would give up his entire salary during the pandemic, and CEO Bob Chapek will take a 50% pay cut.