COMP NEWS – Layoffs continue unabated as over 4,000 employees at Disney lose their jobs. Additionally, 3M, a manufacturing giant, announced that it would be cutting over 6,000 manufacturing jobs in order to cut costs.

3M on Tuesday started implementing its second wave of layoffs in recent months, as part of a massive restructuring plan aimed at cutting annual costs by as much as $900 million, while Disney began its second wave of layoffs Monday as part of a massive restructuring plan announced earlier this year—as high inflation and economic instability continue to push major U.S. firms to reduce their head counts.

Layoffs have shaken a wide swath of industries, from entertainment to travel to retail. Among the largest titans of industry that have culled their workforce is Disney along with Amazon-owned food retailer Whole Foods.

Disney began laying off another group of employees off this week, bringing the total number of cuts this year to 4,000 as part of the company’s plan to cut 7,000 positions (roughly 3.2% of its 220,000 global employees), Disney confirmed to Forbes—CEO Bob Iger had previously called the layoffs a “necessary step to address the challenges we face today,” in a conference call last month.

 

Lyft confirmed a round of layoffs in a blog post but didn’t specify how many, though people familiar with the decision told the Wall Street Journal at least 1,200 jobs would be cut, citing a need to reduce the cost of its more than 4,000-person workforce (excluding drivers) nearly six months after 700 people were laid off from the company.

 

Whole Foods plans to cut several hundred corporate jobs, the Wall Street Journal reported an internal memo as showing, as the company aims to simplify operations and restructure some of its corporate teams, but it will not close any facilities or stores (Whole Foods did not immediately respond to a Forbes inquiry for confirmation).

To read more about recent layoffs at major companies like Disney and Lyft, click here.

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