The Walt Disney Co. will begin laying off employees this week — the first of three rounds of cuts happening over the coming months that will result in 7,000 job losses.

In a memo sent to employees Monday, Chief Executive Officer Bob Iger said that Disney leaders will begin notifying the first wave of employees impacted by layoffs over the next four days.

A second round of notifications will happen in April and result in “several thousand more staff reductions,” Iger also said in the memo, followed by a third round set to begin before summer.

“The difficult reality of many colleagues and friends leaving Disney is not something we take lightly,” Iger wrote. “This company is home to the most talented and dedicated employees in the world, and so many of you bring a lifelong passion for Disney to your work here. That’s part of what makes working at Disney so special. It also makes it all the more difficult to say goodbye to wonderful people we care about.”

The job cuts were first announced in February. During a first quarter investors call, Disney said it would be reducing its workforce as part of a strategy to cut $5.5 billion in costs. The strategy also included the company restructuring its business around three divisions: Disney Entertainment, ESPN and Disney Parks, Experiences and Products.

At the time, Iger said the job cuts were a “necessary step to address the challenges we face today.”

The job cuts will likely hit all of Disney’s different divisions, including parks. In February, Disney Parks, Experience and Products Chairman Josh D’Amaro said he didn’t expect hourly frontline operation roles to be affected by the cuts.

It remains unclear how many jobs in Florida could be affected. 

Iger, who was Disney CEO for 15 years, returned to the company in November following the ouster of Bob Chapek.

Disney will hold its annual shareholder meeting on April 3.