Sony is set to reduce its workforce by an estimated 10,000 jobs, or about 6 percent of its global total workforce. These cuts would happen over the next two fiscal years, ending in March 2014 and are a part of the new restructuring plan by new CEO Kaz Hirai, which will be announced at the corporate strategy meeting on Thursday, the Wall Street Journal reports. Also Read - Amazon Mega Music Fest sale: Best deals on TWS earphones, headphones, soundbars and moreAlso Read - Sony PlayStation Showcase 2021: God of War Ragnarok, Marvel's Spider-Man 2, 16 other games revealed
The company will also be selling or spinning off businesses which are not earning the brand any profits such as its television division, where Sony is again expected to lose money for an eighth straight year. The company’s plan to reduce its workforce was first reported by Japan’s Nikkei newspaper today where it reported the cuts would come into effect by the end of this year. Sony denied this newspaper report in an interview with the BBC. Also Read - PS5 India restock: Sony PlayStation 5 restock date, price, how to pre-order and more
This restructuring will be the company’s second major overhaul in four years. In late 2008, during the global financial crisis, Sony axed 16,000 jobs and closed a number of factories. Messrs Stringer, Kaz Hirai and five other executive officers are also expected to forgo their bonuses for the fiscal year that ended in March, like reported earlier today.