Sony to Lay Off 10,000 Workers
Hot on the heels of Yahoo's massive layoffs, Sony is reportedly readying to lay off 10,000 workers as CEO Kazuo Hirai looks to lead the company back in the black. The layoffs represent 6 percent of Sony Corp's global workforce and will mostly come from consolidating two facets of the business: small and midsize LCD operations and chemical products.
Sony's financial shakeup won't stop at the layoffs. Reuters reports via Nikkei that the company's seven executive directors may also be asked to return their bonuses.
"Under a new CEO, it's easier to cut jobs or go in a new direction," said Fukoku Capital's Yuuki Sakurai to Reuters. "One of the things I'd like to see is that they shift their resources to other areas outside TVs. If they stick to TVs, they may have to fight a war they may not be able to win."
Sony has predicted a $2.7 billion net loss for the most recent fiscal year, citing its floundering TV sales for the loss of business. The last time the company turned a profit was December 2008, after it cut 16,000 jobs. What do you think Sony must do to stay competitive in the tech market?
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