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Disney Lays Off 250 Consumer Products and Interactive Media Staffers

Around five percent of the unit was let go Wednesday

Disney laid off 250 employees from its Consumer Products and Interactive Media unit Wednesday in a round of cost-cutting measures.

While the company has 180,000 employees worldwide, the cuts affected approximately five percent of the department’s workforce, The New York Times reported.

Once again, a video games unit was affected as there were multiple cuts at a Bellevue, Washington, studio that supports the Marvel: Avengers Alliance mobile and social network games.

The Glendale, California, headquarters of Disney Consumer Products and Interactive Media was also hit with pink slips.

Disney Consumer Products and Interactive Media reported a $357 million profit in the second quarter, an 8 percent decline year over year, the Times reported.

The company has blamed thawing sales of “Frozen” merchandise and the negative effect of foreign exchange rates on the losses. The unit’s third-quarter profit totaled $324 million, which was a 7 percent decline, according to the Times.

The latest round continues the ongoing trend at the global corporation of making small amounts of layoffs at a time.

In July, Maker Studios, the multichannel network owned by Disney, let go fewer than 30 employees after it failed to live up to financial expectations.

Disney acquired Maker in 2014 in a $500 million deal — with up to $450 million more if incentives were met. Maker has failed to meet those targets, receiving only about $200 million.

Disney’s fiscal year ends on Sept. 30.

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