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Sharp set to slash jobs as electronics giant looks to restructure

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Sharp set to slash jobs as electronics giant looks to restructure

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Electronics giant Sharp is set to slash its global workforce by 12 percent, according to sources. The jobs cut will total around 6,000, half of which would come in Japan through early retirement.

It’s understood the rest would be oversees in a restructuring estimated to cost more than 1.7 billion dollars. The Japanese company has so far declined to comment.

It’s understood there are problems with the company’s LCD panel business which is operating at close to full capacity but with demand limited.

On track for its third annual net loss in four years Sharp has been in talks with banks seeking to secure a second major bail out since 2012.

Expectations of restructuring, with the blessing of its banks, helped the company’s shares end 2.2 percent higher.