The company will lay off 7800 employees, mainly from their consumer electronics division. The new cuts add to an already announced 2200, a total of 5 percent of the company's workforce.
Because layoffs in Japan are extremely expensive given worker's legal protections, the company says the rough quarter will culminate with a 550 billion yen ($4.5 billion USD) loss for the fiscal year ended March 31st.
"As a manager, I feel the responsibility deeply," said new president Masashi Muromachi. "My biggest task now is to ensure that we start recovering next year." Muromachi took over as president after a crippling accounting scandal was discovered that threatened to ruin the company and led to the resignation of the CEO and half of the board of directors.
Source:
GlobeandMail
Written by: Andre Yoskowitz @ 23 Dec 2015 20:58
