Toshiba to Lay Off 3,000 From Troubled TV Unit
On Monday, Toshiba said it would halve its TV workforce, sacking some 3,000 employees, and announced plans to shutter two of its three TV-production facilities by fiscal year’s end. Brutal measures, but presumably necessary for a business that has lost about $1 billion over the past two years.
Like other electronics makers, Toshiba has been hard hit by a decline in TV demand, and try as it might, it hasn’t yet been able to stanch the losses stemming from that business. Together with the $101 million in cost cuts announced in July, Toshiba expects these latest measures to return its TV business to profitability.