10,000 Job Losses at Sony
Sony has announced plans to cut 10,000 jobs, roughly 7% of its global workforce, by 2008, with 11 manufacturing plants shutting their doors. Setbacks in the digital music and flat screen TV markets are to blame, as new CEO Sir Howard Stringer attempts to turn the fortunes of the ailing company around.
“In its announcement, which came after the close of trading on the Tokyo stock market, Sony said it expected a group net loss of 10bn yen ($90 million) in the current fiscal year. Over the past five years, Sony shares have lost two thirds of their value. In Thursday’s trading, its share price fell 2.2%.”