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Pioneer to cut 10,000, abandon troubled TV biz

13 Feb 2009

Japanese electronics company Pioneer will cut 10,000 jobs globally to cope with sinking sales of car audio equipment and flat-screen TVs. It will also withdraw from its money-losing plasma display business.

The massive job cuts, announced Thursday, are the latest from Japanese corporate giants, which are slashing their payrolls worldwide, reducing production and forecasting annual losses amid a global economic slump. Sony is shedding 8,000 workers while Nissan Motor and NEC are each cutting 20,000.

Hit by the collapse in demand for car audio equipment and plasma TVs, Pioneer said its net loss in the current fiscal year to March will swell to 130 billion yen (US$1.4 billion) from its previous estimate of a 78 billion yen net loss ($860.9 million). It would be the fifth straight annual net loss for Pioneer.

Read the full article here.