The Walt Disney Company (DIS) - Get Report has announced it is closing its theme parks worldwide amid the global coronavirus outbreak.

These resorts include Walt Disney World in Florida, Disneyland Paris Resort, and the Disneyland Resort in California. Disney’s parks in China and Japan have already been closed for weeks.

The parks will begin closing this weekend and will remain closed through the end of March.

"In an abundance of caution and in the best interest of our guests and employees, we are proceeding with the closure of our theme parks at Walt Disney World Resort in Florida and Disneyland Paris Resort, beginning at the close of business on Sunday, March 15, through the end of the month," said the company in a statement.

Disney will continue to pay its cast members during the closure period and refunds will also be given for hotel bookings during the closure period.

The economic impact of these shutterings is yet to be seen. Disney said on Feb. 4 that the closing of its China parks would result in about a $175 million loss in profit.

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