Disney CEO Bob Iger has sent out a memo to employees announcing three rounds of layoffs coming. The first round will begin within the next four days, while the largest round of layoffs will take place in April and a third round hitting closer to summer.

Previously Iger announced that the company needed to cut 7,000 jobs with 4,000 coming from current employees. The first and third rounds are not as big as the larger round coming in April.  These cuts come after the Walt Disney World Cast Member unions won their contract dispute and will be receiving pay increases and another increase in December.

Here is the memo he sent out to employees of the Walt Disney Company:

“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”

He stated that those who won’t be impacted will face “challenges” as they continue to build “structures and functions that will enable us to be successful moving forward.” In my experience, that means more work for the same (and sometimes less) pay. But he could mean something else.

We do not know how many will be cut in each round, other than April will have the largest number of cuts at “several thousand.”

What do you think? Comment and let us know.

Source: CNBC