Lorie Wimble Lorie is the "Liberal Voice" of Conservative Haven, a political blog, and has 2 astounding children. Find her on Twitter.

Toshiba is cutting thousands of jobs following its accounting scandal

54 sec read

Earlier this year, it was discovered that Toshiba had exaggerated its operating profits by around $1.2 billion over the last six years, which not only resulted in both its CEO and vice-chairman being forced to resign from the company, but caused the company to suffer from a whopping $4.5 billion of losses. Toshiba has had to sell some of its assets in order to make up for these losses, such as the image sensor division it sold to Sony for $155 million, and this morning it announced that 6,800 employees would be losing their jobs in order to cut costs.

Toshiba has announced that it is cutting 6,800 jobs amidst an ongoing accounting scandal. One of Japan’s biggest tech companies, Toshiba, has been embroiled in a massive controversy surrounding accounting irregularities. Earlier in the month, it was revealed that the company was facing a record £39 million fine for overstating its profits by £780 million over a seven year period. This investigation and the resulting restructuring process is hitting Toshiba hard. The company has just announced that it is expecting to record a 550 billion yen (£3 billion) annual loss. The knock-on effect of this is that Toshiba will cut some 6,800 jobs from its Lifestyle division, which is essentially the company’s consumer products division. These cuts will all take place by March 2016. Toshiba will also be selling off its Indonesia-based TV and washing machine manufacturing plant to a Hong Kong-based partner. Shares in Toshiba have lost 40 percent of their value since news of the company’s financial irregularities begun to emerge earlier in the year.

Avatar of Lorie Wimble
Lorie Wimble Lorie is the "Liberal Voice" of Conservative Haven, a political blog, and has 2 astounding children. Find her on Twitter.

Lyft wants to sell itself but nobody is interested…

Lyft has always been a distant second to Uber in the ride-sharing market, and always will be, but considering how Uber is a $68...
Avatar of Louie Baur Louie Baur
1 min read

Verizon has acquired Yahoo’s core business for $4.8 billion

Marissa Mayer has laid off thousands of Yahoo employees over the last four years, all in an effort to turn things around for the company....
Avatar of Brian Molidor Brian Molidor
1 min read

Why is Line listed on both an American and…

Line hasn’t found much success here in the West, which is why it might seem odd that the company decided to list itself on...
Avatar of Lorie Wimble Lorie Wimble
1 min read

Leave a Reply

Your email address will not be published. Required fields are marked *