Sharp / To cut another 5,000 jobs

Japan’s financially beleaguered Sharp Corp. is expected to reveal that it will be eliminating 5,000 positions from its current workforce of 51,000 by March of 2016. As the TV manufacturer struggles to stay afloat after losses amounting to billions of dollars over the last fiscal year, their revival plans will see the sales of factories in China and Malaysia, cutting the number of workers at head offices by half, and dropping the number of board members from 12 to six.

This report, from the Asahi Shimbun newspaper, is also tied directly to the three-year restructuring plan to be released by Sharp on March 14th. With these cost reductions, Sharp is aiming to return to the black in the current fiscal year, which ends March 2014, and for the 2015 fiscal year they are targeting a net profit of 100 billion yen (approx. 988.9 million dollars) from sales of more than 3 trillion yen (29.7 billion dollars).

Chosen excerpts by Job Market Monitor

via Sharp to cut another 5,000 jobs as part of restructuring – The Japan Daily Press.