Disney to close 60 North American retail stores – CNBC

The Walt Disney Co. will shutter at least 60 of its physical retail stores in North America before year-end, as the company shifts focus on its e-commerce business, CNBC reported March 3, citing a statement.

The closures will affect 20% of about 300 Disney Stores worldwide, according to CNBC. Disney refused to provide details on the affected locations and how it would impact the company's financial results but said an undisclosed number of employees would be laid off.

The company is reportedly looking into closing more physical stores, specifically in Europe. It also has retail locations in China and Japan, among other countries.

The closures will exclude more than 600 Disney Parks stores, shop-in-shop locations in Target Corp. and other stores, lifestyle and outlet locations, and third-party retailers, the report said.

The move reportedly comes amid changing consumer behaviors and Disney's plan to link its online shopping services to its social media platforms and Disney Parks apps. The company intends to expand the product offering on its ShopDisney website, among other changes.