Toshiba to lay off 5,000 employees
Japan-based electronics manufacturer Toshiba will lay off 5,000 employees, representing 7 percent of its domestic workforce.
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According to a report by the Kyodo news agency citing company sources, Toshiba plans to reduce its headcount as part of a restructuring effort.
Planning to focus its resources on growth areas such as infrastructure, energy, and digitalization, Toshiba has decided to lay off 5,000 employees within the country.
The Japanese firm will begin negotiations with the labor union at the beginning of May to determine how many positions will be cut in each business unit.
The majority of the personnel whose employment contracts will be terminated will consist of administrative and back-office staff, and priority will be given to "voluntary retirement" offers.
As of March 2023, the company had approximately 67,000 domestic employees. The layoffs represent 7 percent of the total workforce.
Due to the weak performance of its subsidiaries, Toshiba reported a net loss of 107 billion yen (691 million dollars) for the 9-month period ending in December 2023.