Japan's Sharp Corp<6753.T> is considering cutting 5,000 jobs globally, or just under 10 percent of its consolidated workforce, a source close to the matter said on Thursday.
The job cuts will be sought through early retirement and will also include reductions resulting from a plan to hive off ownership of its underused Sakai LCD factory in western Japan to Taiwan's Hon Hai Precision Industry <2317.TW>, the source said.
The maker of Aquos TVs posted a record net loss in the year ended March 31 on a plunge in demand for its TVs that left it saddled with a glut of LCD panels.
Demand for its TVs and solar panels remains weak, and a $198 million settlement in a U.S. LCD cartel case will further weigh on its April-June earnings results due at 3 p.m..
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app