Sony to cut 10,000 jobs in restructuring plan | Business| Economy and finance news from a German perspective | DW | 09.04.2012
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Business

Sony to cut 10,000 jobs in restructuring plan

Sony is set to report a fourth fiscal year of losses, and the company's new CEO faces an uphill battle against tough competition, falling prices and low demand. A reported restructuring plan would ax 10,000 jobs.

Japanese electronics giant Sony is to cut 10,000 jobs worldwide this year as part of its plans to reorganize and return to profit, Japanese media reported Monday.

The Nikkei business daily said about half of the job cuts are to come from the company's chemical unit and its LCD display operations. Sony's top seven executives will also forgo their annual bonus, the paper said, citing anonymous sources.

The lay-offs would amount to about 6 percent of all of Sony Group's employees. A company spokesman declined to comment on the reports. New CEO Kazuo Hirai plans to hold a press conference on Thursday.

Figures for 2011 showed Sony lost more than twice as much as it had projected for the full fiscal year. Between October and December it lost 158 billion yen ($2 billion, 1.5 billion euros), and losses by March are expected to reach 220 billion yen.

The company was forced to shed 16,000 jobs worldwide in December 2008 amid the global financial crisis.

acb/tj (AFP, AP, dpa)

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