(Bloomberg) -- Walt Disney Co., the world's largest entertainment company, is putting thousands of workers on unpaid furlough as the virus lockdown weighs on its finances.
Employees, including staff at Disney's theme parks, cruise lines, stores and film studio, will continue to receive company benefits, such as health care, during the furlough. They will also be eligible for unemployment compensation, including the new higher levels offered by the federal government's $2 trillion stimulus bill.
Disney shuttered its theme parks in the U.S. and France last month, following earlier closures in Asia. Employee unions pressed for more certainty of how long workers would be paid, and the company said last week it would extend payments until April 18.
Read more: Why U.S. employers are furloughing instead of firing
As it copes with the coronavirus crisis, Disney has postponed movie releases, sped some films to home video and halted virtually all production of new content. The Burbank, California-based company also sold $6 billion of bonds to give it more financial flexibility.
Disney Chairman Bob Iger and other executives took pay cuts in the wake of the crisis. The company employed about 223,000 people as of last September.
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