Disney (DIS) might be the happiest place on Earth, but one thing's for sure -- it isn't so happy there today.
CEO Bob Iger on March 27 sent out an email to Disney employees, informing them that the layoffs announced in February have begun.
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"As I shared with you in February, we have made the difficult decision to reduce our overall workforce by approximately 7,000 job as part of a strategic alignment of the company, including important cost-saving measures necessary for creating a more effective, coordinated and streamlined approach to our business," it begins.
Iger goes on to say that affected employees will be notified beginning this week, with leaders communicating to affected employees "over the next four days."
The letter says a larger round of layoffs is coming in April, with the goal being 7,000 staff cuts before summer begins.
Iger remained professional in expressing his feelings about the layoffs, saying, "The difficult reality of many colleagues and friends leaving Disney is not something we take lightly. "
The CEO also made an ominous mention closer to the end of the email.
"For our employees who aren't impacted, I want to acknowledge that there will no doubt be challenges ahead as we continue building the structures and functions that will enable us to be successful moving forward. I ask for your continued understanding and collaboration during this time."
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