Pioneer cuts jobs
Monday, February 2nd, 2009Japanese electronics maker Pioneer is to cut a further 10,000 jobs as it warned it expected to report an annual loss of 130bn YEN.
The struggling company also announced that it is to close its loss-making flat screen television business.
Hit by the sharp fall in global consumer spending, Pioneer had already shed 5,900 jobs last year.
Pioneer described the decision to pull out of flat making televisions, a sector it once led as “extremely painful”.
The job cuts will involve 6,000 full-time workers, both in Japan and abroad. The additional 4,000 reductions will hit contract staff, also both in its home nation and worldwide.
Pioneer currently has a global workforce of 36,900.
“Since the US financial crisis and ensuring global downturn, our sales of car electronics products and flat-screen TV’s plunged worldwide”, said Pioneer spokeswoman Michiko Kadoi.
“We are severely hit by battered consumer sentiment.
“Despite being one of the best firms to sell flat-screen televisions, Pioneer never manged to build up a significant market share.
