Struggling Sharp Corp. plans to slash a total of 10,966 employees in Japan and overseas, while selling its assets to generate Y213.1 billion by the end of March next year, according to the company's restructuring plan obtained by Kyodo News on Tuesday.
The plan, submitted Monday to financial institutions by the Osaka-based consumer electronics maker, shows it will cut wages and unload its overseas plants, a subsidiary and shareholdings in Toshiba Corp, while integrating four domestic sales companies around in April next year.
To implement the plan, Sharp will set up an emergency management committee headed by President Takashi Okuda on Oct. 1. The company aims to return to profitability in the business year starting next April with a group net profit of Y14.6 billion, according to the plan.
The company plans to overhaul its liquid crystal display television business, strengthen its small and medium-size LCD panel business for smartphones, and substantially cut down its solar battery operations.
Sharp logged its biggest group net loss of Y376 billion in fiscal 2011, which ended in March this year, following a slump in its LCD TV and panel sales.
In response to the latest restructuring plan, Sharp's main creditors Mizuho Corporate Bank and the Bank of Tokyo-Mitsubishi UFJ, as well as other lenders, are expected to provide a total of around Y360 billion in loans, Kyodo reported.
A collection of materials related to a 17th century mission sent by a Japanese feudal lord to Europe and the world's oldest autographic diary left 10 centuries ago by a Japanese regent have been selected for the UNESCO Memory of the World registry, the Japanese education ministry said Wednesday. (Global Post )
Almost 1,500 people were transported to hospitals by ambulance due to heatstroke last week, up sharply from 942 in the preceding week, the Fire and Disaster Management Agency said Tuesday. (Japan Times )
Among about 200,000 traffic signals nationwide, 16 percent are being used beyond the end of the expected lifetime of their electrical systems and some have even toppled over due to age, according to the National Police Agency. (Yomiuri )
In May, Akira Ikoma, the editor of a guide to men's entertainment called Ore no Tabi (My Journey), said that "Abenomics" had caused a spike in prices at high-end soapland bathhouses in Tokyo. However, the same editor tells Shukan Post (June 28) that the initiative is not impacting the low-end market in the same way. (Tokyo Reporter )
Tokyo District Court decided on Monday to open planned examinations of three witnesses who are former senior members of the Aum Shinrikyo doomsday cult and now death-row inmates, during an upcoming trial of another former senior Aum member. (Jiji Press )