Disney offered buyouts to more than 600 executives this week as the economic downturn hits even the Happiest Place On Earth. It's not surprising as most major companies are making some sort of cutbacks.
But Disney gets a pat on the back for this move because instead of reducing the workers who directly provide the service Disney is so famous for giving, this company decided to cut the fat at the top. Some changes have been made in the parks such as the Fantasmic show in Disney Studios being changed to 2 days a week rather than every night however, you won't be waiting in extra long lines to check into your hotel, enter the park or get something to eat because of the cuts. This company knows the value of what they provide for their guests and they don't want to compromise it.
Last year it appeared Disney was immune to the recession because they reported an overall increase in revenue early in the year, but it appears they began feeling the pinch in the fourth quarter.
In an effort to get bookings up for the first half of 2009, Disney launched it's buy four nights get three free promotion. Though it's been somewhat of a success, I don't think they hit the numbers they wanted to. The deadline to book was originally Dec. 20th and has been extended to Jan. 24th. Though it's not confirmed, I've heard rumors they may extend it again.
The Disey executives have until Feb. 6th to decide to take the buyout and if not enough do, Disney will have layoffs.