JAKARTA. Walt Disney Co to close 20% of stores spread globally and lay off 32,000 workers this year. This step was taken because the world's largest entertainment company will focus on developing e-commerce.
Currently, Wall Disney will close 60 stores from a total of around 300 stores. To reduce dependence on physical stores, Disney has also created a website and opened boutiques at other retailers which now have 600 retail locations around the world.
As a result of store closings and the Covid-19 pandemic, licensing and retail business revenue in 2020 fell 7% to US$ 4.18 billion. (AM/LM)