Sharp announces 11,000 job cuts sale of assets

Sharp announces 11,000 job cuts sale of assets

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Japan based consumer electronics company Sharp will be cutting 11,000 jobs worldwide and will sell $2.7 billion worth of assets and factories. The recent move has been taken to turn its finances around.

The company plan was presented to the creditor banks which said that it will also be cutting wages. Sharp, which is known for home appliances and LCD TVS, said that once the plan is finalized then the banks are expected to offer fresh loan totalling to 360 billion yen to the cash strapped firm. According to the new plan Sharp will shed 19% of its 57,170 strong global workforce by the end of March 2014.