Disney kicks into action its plan to lay off 7,000 employees
The “Happiest Place on Earth” is not so cheerful these days for thousands of Disney employees getting laid off. In an email to employees Monday, March 27, Chief Executive Bob Iger announced the process of notifying the first round of 7,000 workers slated for layoff would start. Iger first announced the cutbacks last February. He says the move is intended to streamline the Burbank-based entertainment conglomerate and save a reported $5.5 billion in costs.
The second round of cutbacks is planned for sometime this month and the final hit before the beginning of summer.
Layoffs underway at McDonald’s
McDonald’s reportedly laying off hundreds of employees virtually over the next few days. In a rare move, the fast food giant temporarily shut down its U.S. corporate offices this week so employees could be notified at home. The layoffs are said to be part of a bigger restructuring plan. McDonald’s has more than 150, 000 employees in corporate offices and company-owned restaurants worldwide. More here.
Egg prices still high, while one producer’s profits soar
The price of eggs are still high. Around $5 for a carton of white large eggs in Burbank. Meanwhile, the largest egg producer in the country is showing its profits soaring right along with prices. Cal-Maine Foods profits jumped from $39 million last year to a whopping $323 million! The Mississippi-based company controls 20 percent of the market. More at Reuters and CNN.
Note photo: FLLewis / Media City G — Walt Disney Studios entrance on Buena Vista Street Burbank, CA