As Disney tries to prop up its dismal stock price (full disclosure: I own Disney stock, and it is the only stock in my portfolio that is in negative numbers), they are set to do what big companies often do to prop up their stock… layoffs.

Wall Street loves when companies lay off staff. Almost every time a company makes significant cuts, the stock goes up.

It shows that you really are just a number on a balance sheet for these big companies.

Disney Is planning on laying off 7,000 employees starting this week. That’s 7,000 people that won’t have a job.

No word on how many on the TV side will be impacted, but it is expected that cuts will be across all divisions.

I really hope that those Disney employees that are reading this are not impacted. You deserve better.

Disney CEO Bob Iger tried to sugarcoat the layoffs in a memo to the staff:

Dear Fellow Employees,

As I shared with you in February, we have made the difficult decision to reduce our overall workforce by approximately 7,000 jobs as part of a strategic realignment of the company, including important cost-saving measures necessary for creating a more effective, coordinated and streamlined approach to our business. Over the past few months, senior leaders have been working closely with HR to assess their operational needs, and I want to give you an update on those efforts.

This week, we begin notifying employees whose positions are impacted by the company’s workforce reductions. Leaders will be communicating the news directly to the first group of impacted employees over the next four days. A second, larger round of notifications will happen in April with several thousand more staff reductions, and we expect to commence the final round of notifications before the beginning of the summer to reach our 7,000-job target. 

The difficult reality of many colleagues and friends leaving Disney is not something we take lightly. This company is home to the most talented and dedicated employees in the world, and so many of you bring a lifelong passion for Disney to your work here. That’s part of what makes working at Disney so special. It also makes it all the more difficult to say goodbye to wonderful people we care about. I want to offer my sincere thanks and appreciation to every departing employee for your numerous contributions and your devotion to this beloved company. 

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. 

In tough moments, we must always do what is required to ensure Disney can continue delivering exceptional entertainment to audiences and guests around the world – now, and long into the future. Please know that our HR partners and leaders are committed to creating a supportive and smooth process every step of the way.

I want to thank each of you again for all your many achievements here at The Walt Disney Company. 

Sincerely,

Bob