Wednesday it was announced that Walt Disney Co. has offered voluntary buyout packages to about 600 executives in its domestic theme park and resort divisions, as the company looks to cut costs in a worsening economy.

Executives have until Feb. 6 to decide whether to take the voluntary severance packages.   The company said that it did not get enough volunteers it would implement involuntary layoffs with "a lesser severance package."

A Disney executive declined to disclose whether the company had a specific number of reductions in mind. But the buyouts extend to less than 1% of Disney’s domestic park employees.

"The parks and resorts division is in the process of implementing a number of initiatives to contain costs and maximize efficiency," Disney parks and resort spokeswoman Leslie Goodman said. "Given the continued uncertainty of the economic environment, we must manage our business even more productively."

For more information visit Los Angeles Times.

Special thanks to ThrillNetwork member I love DW for submitting this story.