Sharp to Cut Jobs

Tuesday, July 24, 2012

Sharp to Cut Jobs

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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.