Walt Disney Co (NYSE: DIS) is temporarily closing Disneyland in California as the coronavirus continues to spread.
The company said there have been no reported cases of COVID-19 at Disneyland, but after carefully reviewing the guidelines the Governor of California’s executive order decided it's in the best interest of its guests and employees.
Disney will also proceed with the closure of Disney's California Adventure Park, beginning the morning of March 14 through to the end of the month. However, the hotels of Disneyland Resort will remain open until March 16 to give guests the ability to make necessary travel arrangements; Downtown Disney will remain open.
“We will monitor the ongoing situation and follow the advice and guidance of federal and state officials and health agencies. Disney will continue to pay cast members during this time," the company said.
After falling 13%, Disney shares were trading down about 1.7% at $90.50 in Thursday's after-hours session. The stock has a 52-week range between $153.41 and $91.64.