(KTLA) — The Walt Disney Company’s planned job cuts could begin in late March, Deadline reported Tuesday.

Disney CEO Bob Iger announced on Feb. 8, that 7,000 jobs, representing around 3% of the company’s workforce, would be slashed. The reduction comes as Disney enacts a companywide plan to reduce costs by $5.5 billion.

All company divisions, including theme parks, are expected to be impacted by the planned labor reduction. The company’s theme park division includes the Disneyland Resort; Walt Disney World in Orlando, Florida; Disney cruise lines, and its international parks.

Officials haven’t specified which Disney theme parks would be affected by the job cuts.

Sources told Deadline that the first round of job cuts could begin on March 30 or March 31, but neither date has been confirmed. The publication was also told that another wave of job cuts would happen in late April.

The April job cut wave was described as the “big one” or a “bloodbath” because that’s when a large number of people would be laid off, Deadline reported.

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There has also been speculation that a third wave of job cuts could happen between the March and April reductions, but that still remains unconfirmed.

Deadline reported that company managers have already submitted their layoff target reports, a step corporations take before a major job cut happens.

In addition to the planned job cuts, Disney has also instituted a hiring freeze, which was put in place under previous CEO Bob Chapek following a dismal earning report.

When Iger returned to his old position as Disney’s top executive, he announced during a town hall meeting that the freeze would remain in place.

KTLA reached out to The Walt Disney Company to confirm the timeline of the announced layoffs but has yet to receive a response.