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Sony, the Japanese media giant, is reportedly planning on cutting 10,000 jobs worldwide after four straight years of posting losses.
According to The Associated Press, Japanese business publication Nikkei is reporting that Sony, one of the largest media companies in the world, is planning on making the cuts. While Sony spokeswoman Yoko Yasukouchi has not confirmed the report, newly appointed CEO Kazuo Hirai is reportedly going to have a press conference on Thursday.
Voice of America reports that unnamed sources told Nikkei that nearly 5,000 cuts will be made by restructuring the chemical subsidiaries and others that make small and medium-sized display panels. Sources did not name how many of the cut jobs will come from Japan or overseas. The report also suggests that the company may want its executive directors to return their bonuses.
Sources for The Wall Street Journal say that the cuts could be made over the next two fiscal years, not ending until March 2014.
Hirai recently succeeded Howard Stringer and announced a restructuring plan for the struggling company. These are just the first details of the plan to be reported.
Sony reported a $2.1 billion (159 billion yen) loss for the October-December quarter. The company now estimates that it will have a budget shortfall of $2.9 billion.
Sony has struggled to retain its dominance in the consumer electronics market. The personal music market is now dominated by Apple’s iPods and iPads, so Hirai will have to win those customers back, while trying to boost sales of televisions. The company was also hurt by the tragic earthquake and tsunami last year.