In the wake of a report that Disney would be selling off all its properties, the world’s largest retailer is facing an unexpected dilemma: how to keep the products from disappearing without a trace.
According to Bloomberg, the Disney brand will likely be sold off by 2020, and the company will be replaced by a new brand, the Walt Disney Company, which will be led by chief executive officer Bob Iger.
Disney is planning to close the majority of its stores and stores that sell branded products, and will shut down its brand-sharing system.
The company also will cease its production of some Disney-branded merchandise, including the MagicBand, which was made with Disney-made fabrics.
Disney’s original magic bracelet, which became popular among kids during the ’90s, has sold for as much as $1 million at auction in New York, according to the auction house.
But the MagicBands have also been sold at auction, with one going for $50,000 in the 2016 New York auction.
Some Disney employees are expected to take a pay cut, while others will have to seek work elsewhere.
Disney employees are being offered raises and perks that are based on performance, such as discounts for employees with a master’s degree.
Some employees may be allowed to work part-time at companies outside of the company, though there is no word on whether they will be able to work there.