Toshiba mulls cutting 7,000 jobs

Tokyo, Dec 15 (IANS) Japanese tech giant Toshiba is considering cutting down around 7,000 jobs, especially in its consumer electronics division, and also unload stakes in two of its subsidiaries to sort out its accounts.

The most affected division will be the lifestyle segment, with more than 24,000 workers in Japan and other countries and which currently accounts for most of the company’s losses, officials said on Tuesday.

Sales in this segment fell 10 percent during the last financial year and its operational losses amounted to around $905 million, EFE news reported.

Toshiba might also sell off its holdings in Toshiba Tec, dedicated to retail business solutions, and Toshiba Medical Systems, a wholly owned provider of diagnostic imaging systems.

Through these sales, the Tokyo-based company seeks to obtain more liquidity to carry out its restructuring plans for its appliance and television businesses following an accounting scandal.

After the scandal broke out earlier this year, Toshiba admitted that between 2007 and 2014 it overstated its sales profits by around $1.86 billion and its operating profits by $1.28 billion.

The Toshiba accounting scandal has been described as the biggest financial fraud in Japan in recent years.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of or any employee thereof. is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here