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Japanese TV and electronics manufacturer Sharp will soon cut more than 10,000 jobs, or 18 percent of its workforce, Bloomberg reports.
Sharp has struggled in recent years, as its televisions and other electronics have become less popular and its margins have declined. Back in April, the company announced a tremendous loss of $4.7 billion during the 2011 fiscal year. Currently, the company projects a $3.18 billion loss for the fiscal year ending March 2013. Thus job cuts seemed par for the course.
To get back on financial track, Sharp has said it will focus on creating displays for mobile devices and small-screen TVs. Notably, Sharp is one of the companies making screens for Apple’s iPhone 5.
Sharp will reportedly cut a total of 10,966 jobs and raise 213 billion yen by selling plants and shares of Toshiba. These job cuts will include the 5,000 cuts Sharp revealed in August.
Bloomberg said Sharp is also in talks to sell three of its overseas TV plants in Mexico, China, and Malaysia to Chinese factory staple Foxconn, best known for manufacturing Apple’s iPhone and iPad.
Sharp CES photo via Sean Ludwig/VentureBeat