Executives say the staff reductions are initially planned to be voluntary and would save the company $350 million to $400 million a year. The company will take a one-time charge of less than $250 million. Stock market analysts have cited the move as prudent in a weakening economy. Though Disney's stock moved up $1.28 to close at $29.20 Tuesday, the day of the announcement, its stock has fallen to $27.85 in mid-day trading today. -- Wayne Friedman
Copyright March 2001, Crain Communications Inc.