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Toshiba warns of record 4-billion euro loss

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Toshiba warns of record 4-billion euro loss
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The cost of Toshiba’s accounting scandal continues to hit hard.

The Japanese giant is to cut almost a third of its workforce in its consumer electronics and appliances unit – almost 7,000 jobs – plus another thousand at its headquarters.

Its president Masashi Muromachi told a news conference that the restructuring programme would transform it into a “robust business”.

But the company now expects a record loss of over four billion euros in the next fiscal year.

Toshiba confirmed in August that it overstated profits going back several years by over a billion euros.

An earlier independent accounting probe criticised the management and work culture.

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