Sony announced that it plans to cut 8,000 full-time positions and 8,000 part-time and seasonal jobs, on he heels of slumping sales and a slowing economic environment in the U.S. The layoffs reportedly account for nearly 5% of the company's workforce.
Sony also announced that it will be decreasing its investments in the electronic business by 30%. The total restructuring will result in a savings of a reported 100 billion yen. The announcement was made on December 8, 2008.MarketWatch: Sony to cut 8,000 jobs, close manufacturing sites (December 9, 2008)
References
Fast Facts
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Reason for cuts
increased supply of LCD screens, investments depreciation, economic slow-down in the U.S. and the surging value of the yenMarketWatch: Sony to cut 8,000 jobs, close manufacturing sites (December 9, 2008)
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Restructuring of investments and layoffs may result in a savings of 100 billion yen
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