Business
Sony to Shed PCs, TVs and 5,000 Employees

Sony to Shed PCs, TVs and 5,000 Employees

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Sony Corp. Headquarters Ahead Of Company Earnings — The Sony Corp. logo is displayed outside the company's showroom in Tokyo, Japan, on Wednesday, Oct. 30, 2013. Sony is set to report second-quarter earnings on Oct. 31. Photographer: Akio Kon/Bloomberg via Getty ImagesBloomberg via Getty Images—2013 Bloomberg

February 6, 2014 4:20 AM EST

Sony Corp unveiled a corporate restructuring plan on Thursday that will see it shed its PC and TV divisions, once the bread and butter of its operations, and slash 5,000 jobs.

Reuters reports that the restructuring plan could save the ailing electronics giant $988 million in fixed annual costs. The widely anticipated move comes after Sony’s TV division racked up nine straight years of losses, amid heated competition from Apple Inc. and Samsung Electronics Co.

[Reuters]

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