March 17 (Bloomberg) -- Walt Disney Co. suspended all administrative and store operations in Tokyo in the aftermath of the March 11 earthquake and tsunami in Japan.
“Our top priority is the well-being of our employees and their families during this challenging time and we will continue to closely monitor the situation as it develops,” the Burbank, California-based company said today in a statement.
Tokyo Electric Power Co. has scheduled blackouts in the city to conserve energy. Subway lines are running fewer trains, shops are closing early and offices are shutting off non-essential electricity as the country copes with the disaster. The blackouts are compounding the economic fallout from last week’s magnitude-9 earthquake and tsunami.
Disney gained 16 cents to $40.76 at 4:15 p.m. in New York Stock Exchange composite trading. The stock has advanced 8.7 percent this year.
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