Sony poised to announce restructuring plans
Electronics giant will unveil job cuts and plant closure specifics this week
Sony Corporation is to release details this week on how it plans to restructure its operations in a bid to cut annual costs by USD 1.1 billion.
According to the Financial Times the specifics of the plan, which will include the closure of five or six plants and the loss of 16,000 jobs, will be unveiled today or tomorrow - but while the company must take drastic action in a difficult economy for luxury goods, with a strengthened yen hitting exports, the corporation is under political pressure not to make redundancies in Japan.
Sony is expected to announce losses of USD 1.1 billion in its full year report, its first loss in 14 years, and while the PlayStation division is under strong pressure on price points from both Nintendo and Microsoft, it's not thought at this point that it will suffer in this round of restructuring.