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Toshiba to retrench 7000 staff

Mon, Dec 21, 2015, 04:06 PM
Japanese electronics giant Toshiba has decided to retrench 7,000 employess. The decision follows the multinational incurring losses of $4.3b (Rs.30,000 crore) and getting involved in $1.3b accounting scam.

The company also decided to close down operations in its TV manufacturing plant in Indonesia. Offer of voluntary retirement for the employees is also on the cards.

The company Board has approved of the measures. Toshiba's profits have fallen to the 2008-09 level and its shares have come down by 40%.
Agency: Ap7am Desk

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