Walt Disney Co. announced Wednesday voluntary buyout offers to 600 executives in its domestic parks and resorts division, according to The Wall Street Journal.

The cuts are part of an effort to reduce costs as the economic downturn has lowered attendance and prompted the company to deeply discount Walt Disney World stays.

According to the report, the offers are valid until February 6, and if it does not produce enough reductions, then the company will consider layoffs.

The letter from Jayne Parker, senior vice president of human resources said that the buyouts would become effective between mid-February and the end of March.

Disney stocks rose 4.9 percent to $21.23 at closing on Wednesday.