Report: Sony to cut up to 20,000 jobs
By Allen Wan, CBS.MarketWatch.com
Last Update: 9:39 PM ET Oct. 19, 2003
TOKYO (CBS.MW) -- Japanese consumer electronics giant Sony has decided to cut 15,000 to 20,000 jobs groupwide, or about 10 percent of its global workforce of 160,000 by the end of March 2006, according to a published report.
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The Nihon Keizai Shimbun reported Monday that Sony also plans to end domestic production of cathode-ray tubes for television sets by the end of next year.
Sony is considering cutting 1,500 to 2,000 jobs domestically on a parent-only basis, the report said.
It'll also pull out of unprofitable and nonstrategic operations, which account for more than 10 percent of its more than 100 business areas, the report said, adding that Sony will reduce jobs by introducing an early retirement scheme as well as curbing hiring.
The company will announce structural reform measures on Oct. 28. |
