Look, we know the economy is in shambles; a perambulating corpse, gnawing its way through the hopes and dreams of the global populace ... but this is getting ridiculous. Reports of "drastic cost cuts" at Sony have us really spooked – think not only "factory closures" but also "the abolition of several major divisions," according to the Times of London. (In response to the report, Sony told Reuters, "We don't have any such plan.")

While there's no mention of specifics (will the PlayStation brand/division be affected?), the Times does quote a Credit Suisse analyst who says that, unless Sony takes aggressive steps to consolidate power in the hands of prez Howard Stringer – it will be unable to "close the gap with competitors such as Apple and Nintendo." Perhaps more evident to those of us watching the gaming industry specifically is the mention of "frustrations ... and a clear internal cultural clash between Japanese Sony and its US and European operations." We thought Kaz was going to bring some of that good, ol-fashioned American can-do attitude to Japan back in ought-six? Nevertheless, we want to talk to the investors directly:

Listen guys, we know Sony's got some problems. We know that. But you've got to just chill out and relax – chillax even – and wait until the Big S shows off whatever Team ICO's got in the oven. Not buying it? How about this: Microsoft is feeling the economic pinch also, but the grapevine seems to think the Xbox division will be spared. Nintendo isn't the only competition out there, you know?

This article was originally published on Joystiq.

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