The Straits Times
Published on Sep 25, 2012

Japan's Sharp to cut 11,000 jobs and sell assets


TOKYO (AFP) - Troubled Japanese consumer electronics giant Sharp is to cut 11,000 jobs worldwide and sell US$2.7 billion (S$3.3 billion) worth of assets and factories in a bid to turn its finances around, a report said on Tuesday.

The company, best known for home appliances, including Liquid-crystal display (LCD) televisions, will also cut wages, Kyodo News said, citing a company plan presented to creditor banks on Monday.

Once the new plan is finalised, the banks are expected to offer fresh loans totalling 360 billion yen (S$5.6 billion) to the cash-strapped firm, which faces a huge bill for the redemption of commercial paper this year and bonds the next.

Under the new plan, Sharp will shed 19 per cent of its 57,170-strong global workforce, by the end of March 2014, Kyodo said.