Disney’s announcement Tuesday that it will lay off 28,000 theme park workers was a good reminder that, while the stock market acts like there’s no pandemic, Covid-19 is still devastating the economy.
The entertainment giant has had to severely limit attendance at its park in Florida, while state rules forced Disney to keep its Disneyland park in the Los Angeles area closed. That’s likely to keep Disney’s profits depressed. Parks and resorts, which last year produced nearly half the company’s profits, lost money in the June quarter. The laid off workers account for 25% of Disney’s parks workforce, the New York Times reported.