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Disney is laying off over 700 employees.
According to USA Today, a spokesperson for Disney confirmed the layoffs on Thursday. The layoffs will take place in the interactive division of the company that deals with video games and websites.
The Disney gaming world has been failing to perform at projected levels for years, leaving Disney out of money and options to keep the branch as big as it is. The only Disney gaming product making money is Disney Infinity, a game for all the major gaming systems featuring characters from numerous Disney franchises.
Reuters reported that Disney Infinity brought in $16 million for the third quarter of the 2013 fiscal year. This was a great profit after the $76 million Disney lost the previous year.
In November, one co-president of the company stepped down, leaving Jimmy Piatro in charge of the company for 2014.
Though 700 people are in line to lose their jobs, the company sees a bright future ahead as they develop new ways to bring the gaming world into the everyday lives of consumers.