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TOKYO: Troubled Japanese consumer electronics giant Sharp is to cut 11,000 jobs worldwide and sell $2.7bn worth of assets and factories in a bid to turn its finances around, a report said yesterday.
The company, best known for home appliances, including LCD televisions, will also cut wages, Kyodo News said, citing a company plan presented to creditor banks. Once the new plan is finalised, the banks are expected to offer fresh loans totalling 360bn yen ($4.6bn) to the cash-strapped firm, which faces a huge bill for the redemption of commercial paper this year and bonds the next.
Under the new plan, Sharp will shed 19 percent of its 57,170-strong global workforce, by the end of March 2014, Kyodo said.