Toshiba Slashes 7,000 Jobs after $4.53 Billion Loss

Toshiba Slashes 7,000 Jobs after $4.53 Billion Loss

Toshiba, the Japanese multinational conglomerate corporation has informed the media that it will cut down approximately 7,000 jobs in the near future as a result of $1.3 billion accounting scandal. The company is all set to sell their television manufacturing plant in Indonesia. This sudden move might cause a huge cut down in the consumer electronic jobs in the company, reports Economic Times

According to reports, the deal of the Indonesian plant is going to be done on a net loss of $4.53 billion at the end of this financial year. The company stated that “By implementing this plan, we would like to regain the trust of all stakeholders including shareholders and transform ourselves into a robust business,”

The company has addressed a 37.8 billion yen loss in August which reflected costs and conservative estimates on operations, including the South Texas Project, a US power plant project. In July it has been reported that the company also had employees questioning their superiors. The company which launched world’s first market laptop in 1985 has said to have long overdue. The 140 years old organization is going through a change in fortune. The company has been a prominent power in the Japanese business market over a century and its former executives has also served as policy advisors for the government.

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