SONY Announces Massive Cuts

sony

via BBC

Sony has announced plans to cut 8,000 electronics jobs – 5% of the division – as well as shutting 10% of its manufacturing sites.The company said the jobs would be cut by April 2010, but did not say in which countries the staff would go.

Sony said it would also cut at least 8,000 temporary and contract staff jobs in the same sector.

It said it had been trying to reduce production because of the downturn, but warned it still had to do more.

The news came as Japan said its economy had shrunk between July and September by much more than initially estimated.

The Cabinet Office said the economy had shrunk at an annual rate of 1.8% in the quarter, compared with its original estimate of 0.4%. Continue reading