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The decision was part of an agreement between Disney World and the Service Trades Council Union, a collection of six unions representing the 43,000 workers at the theme park resort in Florida. The company will keep 200 essential employees and will provide free healthcare for a year to those who are laid off and eligible for health care benefits.

CEO Bob Chapek and other company executives will receive a salary cut, and Executive Chairman Bob Iger will go without his entire salary. With halted productions and closed themed parks in North America and Paris, Moffett Nathanson estimated that Disney will take a revenue hit of $3.4 billion in 2020.