Global giant to lay off 4,000 employees! 'This is necessary for it to survive another 100 years'

Toshiba has announced that it will lay off 4,000 employees.

According to Toshiba's statement, the company will undergo restructuring and reduce its headcount due to financial losses recorded in the recent period.

Accordingly, the company will lay off 4,000 domestic employees by November. Those to be laid off account for 6 percent of the total domestic workforce.

"THIS IS NECESSARY FOR IT TO SURVIVE ANOTHER 100 YEARS"

Toshiba CEO Taro Shimada described the layoffs as a "painful decision," stating, "This is necessary for Toshiba to survive for another 100 years."

Noting that he "feels a strong sense of responsibility," Shimada said that through reforms, the company must "transform into a business that the public needs."

Stating that they aim to put the company back on a path of growth, Shimada expressed that they are "100 percent prepared to realize the best version of Toshiba."

Focusing its resources on growth areas such as infrastructure, energy, and digitalization, Toshiba plans to reduce unnecessary operations by integrating its subsidiaries.

The Japanese electronics manufacturer had announced that it recorded a net loss of 74.8 billion yen (481 million dollars) in the 2023 fiscal year, which covers the period from April 2023 to March 2024.

News Source: AA