More Info on Restructuring

This just in from Central Florida:

LAKE BUENA VISTA -- Disney managers are meeting with the various departments at Walt Disney World involved in its most recent round of job cuts and restructuring Thursday.

That's according to a Disney official we spoke with Thursday morning.

The Disney spokesperson told News 13 that the company doesn't have a specific number when it comes to the layoffs - that will depend on budget reviews.

On Thursday, people across Central Florida will find out details of the restructuring plan, and how it will affect them.

On Wednesday, Disney announced plans to cut jobs as part of a move to reorganize the way it runs Walt Disney World and Disneyland.

A memo sent to employees on Wednesday blamed the mergers and job cuts on the nation's economic recession.

Jay Rasulo, chairman of Walt Disney Parks and Resorts, said 'The long-term success of Parks and Resorts depends upon our ability to adapt and innovate and respond to Guest preferences. These changes are essential to maintaining our leadership position in family tourism and reflect today's economic realities.'

Around 62,000 people in Central Florida work for Disney, but the company is not saying how many jobs will be cut, or where, exactly, those cuts will take place.

In his memo, Rasulo acknowledged the challenges inherent in a large-scale reorganization: 'Organization changes require difficult decisions, including the elimination of some roles. These decisions were not made lightly and we know this will be a challenging transition. The people affected are our friends and colleagues, and they have made valuable contributions.'

The restructuring is part of a concept the company is calling "One Disney." Disney said it's already seen some successes under the plan.

One Disney Successes
Maintenance and Safety
Holiday Castle Lighting
High School Musical
Toy Story

The latest job cuts follow Disney's offer last month of voluntary buyout packages to about 600 executives in the parks division.

Disney said global business and real estate development will be combined under a new team led by Executive Vice President Nick Franklin. "Back-of-house" operations, such as maintenance, at Walt Disney World in Orlando and Disneyland Resort in Anaheim, Calif., will be consolidated under Al Weiss, president of worldwide operations.

Engineering and design teams also will be merged into a single unit.

The changes take effect immediately. The Associated Press said Disney's revenue fell 4 percent in the latest quarter to $2.67 billion. Disney shares fell 21 cents Wednesday to close at $17.63.