Pioneer Shutting TV Operations, Cutting 10,000 Jobs
The carnage in the Japanese consumer electronics industry rolls on.
This morning, Pioneer Corp. announced that it will cut 10,000 jobs and close its TV operations. The company said it now expects a loss for the March 2009 fiscal year of 130 billion yen, or $1.44 billion, far worse than its previous estimated loss of 78 billion yen. Pioneer said it will withdraw from the TV business by March 2010 and cut 16 percent of its full-time staff plus another 4,000 temporary workers, Bloomberg reports.
The company expects FY ’09 sales to be down 28 percent. This will be the company’s fifth straight money-losing year.