In an announcement this week, Sony Corporation says that they will cut approximately 10,000 jobs worldwide over the next year. The company hopes that these changes in their workforce will help them return to profitability this year.
Sony has been struggling with lower than average TV sales and losses in the electronics market as a whole. Sony's decision will mean a 6 percent decrease in their workforce.
In addition to the labor cutbacks, the company has announced a restructuring plan that aims to help decrease spending. They will be selling their chemical unit and merging their LCD panel television operation with Toshiba and Hitachi. This merger will affect up to 5,000 employees, who will all be forced to find other jobs in the company or be out of a job.
The company made the decision after posting a $2.1 billion loss for the last quarter of 2011 and already has more than doubled its projected loss through 2013.
A Sony representative is expected to make a public statement in the coming weeks in order to provide investors with more information. The company hasn't said where the biggest employee cuts will be or which departments will be the most affected.
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