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Tuesday, July 24, 2012
Sharp to Cut Jobs

Sharp will reportedly may lay off several thousand workers and sell office buildings in Tokyo as losses expand, the Nikkei business daily said.

The Japanese TV maker will likely post a group net loss of about 100 billion yen ($1.28 billion) for the April-June quarter after a $198 million settlement in a U.S. LCD cartel case added to its deficit during the three months, the paper said without citing anyone.

Sharp posted a record net loss of 376 billion yen in the year ended March 31, hammered by a drop in demand for its TVs.

Sharp in March agreed to sell a 46.48 percent stake in the Sakai facility to Taiwan's Hon Hai Precision Industries, part of the Foxconn Group.

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