Disney to cut 4,000 jobs
Eyes 3 percent cut of global work force, sees annual savings of up to $400M
March 27, 2001: 4:58 p.m. ET

NEW YORK (CNNfn) - <font color="#FF0000">The Walt Disney Co. plans to cut 4,000 jobs, about 3 percent of its global work force,</font> the company confirmed Tuesday.

A Disney spokesman said the company expects annual savings of $350 million-to-$400 million. The company also expects a one-time charge of less than $250 million to be taken in the third and fourth quarters.

<font color="#FF0000">Disney blamed the job cuts on the slowing economy. </font>The cuts will affect all aspects of the company's business and Disney will try to achieve them through a voluntary program. If the program doesn't work, the company will resort to layoffs.

<font color="#FF0000">Disney hopes to make the cuts by July.</font>

Disney told Reuters its financial targets remain the same, excluding charges.

Analysts surveyed by First Call are currently expecting a profit of 17 cents per share in Disney's current second quarter and annual earnings of 77 cents per share.

<font color="#FF0000">Shares of Disney rose 10 cents $29.30 in Instinet after-hours trading. </font>

Quelle: http://www.cnnfn.com

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