Pioneer slashes 10 000 jobs as it exits TV business
Citing dismal prospects, Japanese gadget maker Pioneer has announced it is officially leaving the television business and, as a result, will be laying off 10 000 workers.
The Japanese manufacturer announced that it will stop producing TVs by March 2010, and instead focus on its existing car electronics and home audio-video lines.
As for the job cuts, the company will be cutting 6 000 full-time jobs around the world, accounting for a total of 16% of their workforce. The remaining cuts total 4 000 part-time workers.
Pioneer has sharply cut revenue forecasts for the year and now expects to make an operating loss of Y69bn, rather than Y17bn.