Toshiba appears to want to sell its TV business, following the negotiations related to the sale of its memory business.

According to Nikkei, potential bidders include Turkish home-appliance maker Vestel and Chinese rivals including Hisense Group.

The Japanese electronics company is rushing to squeeze losses by selling off divisions. Toshiba's financial struggles are expected to worsen now that Westinghouse Electric, its U.S. nuclear power unit, has filed for Chapter 11 bankruptcy protection.

Bidders are expected to start the process of putting a price on Toshiba's TV business soon. Toshiba expects to complete the process by next March -- the end of the current fiscal year.

After an accounting scandal came to light in 2015, Toshiba decided to restructure its businesses. It concentrated the development and sales of TVs in Japan, changing overseas operations to licensing businesses.

Vestel has already a licensing agreement with Toshiba to produce TVs in Europe under the Toshiba brand.

In June 2016, Toshiba also sold its white goods unit to China's Midea Group.