Sharp To Cut 1000's of Jobs in Response To Significant Losse

[Anonymous]

Sharp To Cut 1000’s of Jobs in Response To Significant Losses

Japan’s electronic manufacturing giant Sharp Corp. is expected to post quarterly losses as high as 100 billion yen (approx. $1.28 billion) says the Nikkei business daily, which could likely lead to several thousand layoffs. As the last major Japanese manufacturer of LCD televisions, Sharp is now being subject to the same financial pains already experienced by Sony and Panasonic. The record losses, more than double that of the same quarter from a year earlier, are also predicted to have the Aquos TV manufacturer resort to selling some of its office building in Tokyo.

Making the April to June quarterly losses even worse was the $198 million settlement that Sharp was ordered to pay as part of a LCD price cartel case in the U.S. The company’s net losses for the fiscal year ending this past March totaled 376 billion yen ($4.8 billion), as the drastic decline in demand for TVs affected Sharp just as it had the other Japanese manufacturers. Sharp expects its TV sales to continue to decline another 19% for the remainder of this fiscal year.

Sharp did issue an official statement that it was considering its options to address the difficult situation it’s now in. No details were disclosed, but they said they would make their announcement when everything was finalized.

[Author]

July 31, 2012 at 9:21 AM