Disney announces a second round of layoffs, firing off thousands of employees

The Walt Disney Co. is set to begin a second wave of layoffs, as part of its plan to eliminate 7,000 jobs and save $5.5 billion in costs.

The layoff plan was announced in February, together with a restructuring of the company, aimed at creating a more streamlined approach to its business.

The company has already cut 4,000 jobs, and is expected to cut several thousand more in the upcoming wave of layoffs, which will run from Monday through Thursday.

The job cuts will affect all of the company's business segments, including Disney Entertainment, ESPN, and Disney Parks, Experiences and Products.

However, the hourly frontline workers employed at the parks and resorts are not expected to be affected.

Despite the challenges, Disney remains a major player in the entertainment industry, and its recent reorganisation is aimed at ensuring its continued success in the years ahead.