Sharp to cut thousands of jobs

Sharp Corp has decided to eliminate around 3,000 positions or 12.5 per cent of its workforce in Japan by March 2016 through its early retirement programme as part of its restructuring measures, a report said Thursday.

The planned job cut was expected to cost the struggling consumer electronics maker some 30 billion yen (25 million dollars) in additional restructuring charges, the Kyodo News agency reported, citing unnamed sources.

The move comes as Sharp was expected to post a net loss of 200 billion yen for the current financial year ending March 31, its third annual net loss in four years, amid price competition with Chinese and South Korean rivals.

In 2012, Sharp also let 2,900 workers go through its early retirement programme, under which employees over a certain age can volunteer to leave before retirement age in exchange for additional payment.

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Sharp to cut thousands of jobs