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Sharp Seeks 2,000 Early Retirements For Job Cuts

Wed, 08/29/2012 - 10:13am
The Associated Press

TOKYO (AP) — Money-losing Japanese electronics maker Sharp Corp. is calling for about 2,000 early retirement applications under its turnaround plan.

Under that plan, announced earlier this month, Sharp is trimming 5,000 jobs, or nearly 9 percent of its global work force, during the fiscal year ended March 31, 2013. The 2,000 early retirement applicants are all in Japan, retiring Dec. 15, according to Sharp.

The company said Tuesday the rest of the cuts will come from 1,300 jobs at a display unit, where its stake was reduced so it is no longer a subsidiary; 600 from attrition, and 1,100 from overseas.

Sharp's key display business is getting hammered by competition from cheaper Asian rivals. The maker of Aquos flat-panel TVs lost 138.4 billion yen ($1.8 billion) for the April-June quarter.

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