The recent scandal with financial fraud and losses of $ 4.5 billion in the Toshiba Company led to the fact that the Japanese giant’s shares collapsed by 43%.
Toshiba is the oldest Japanese manufacturers of electronics and has been on the market for 140 years. All events that occur in the company significantly affect the Japanese economy.
In order to stop the falling shares, minimize costs and regain the trust of investors, Toshiba planned staff reductions. Layoffs will affect those employees who are involved in the consumer sector of the company (production of refrigerators, computers, television sets and other household appliances). So Toshiba hopes to streamline business operations by reducing the productivity of its plants. Also, Toshiba plans to abandon the development of new models of TVs and sell its plant in Indonesia. As a result, the total number of cuts could reach up to 10,000 employees.
Toshiba’s apart from spending cuts is required a massive restructuring. In its official statement, Toshiba said that with such a plan, they hope to bring back investors and once again become a profitable company.
Lawyers say that Toshiba needed to be restructured , which would be aimed not only at reducing production but also in raising the image of the company, which does not stand up to competition with other electronics manufacturers, although in fact they are the innovators in this area – in 1985, Toshiba was the first company who released an affordable notebook.
After the adoption of Toshiba’s decision to reduce staff and narrowing the sphere of production, some analysts are talking about the success of the company’s decline and visual problems in the field of management in Toshiba.
In August 2015, the company pleaded guilty in the fact that artificially overestimated data in the financial statements for 2008-2009 and then its shares immediately fell by almost a half.
Source: venturebeat.com
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