Sony warns of $2.9 billion annual loss, reveals restructuring plan
If you're an overpaid, television design director reading this from a battery-powered, mid-sized LCD panel, you're about to have a very bad day. After warning that it would post a record $2.9 billion annual operating loss due to weakening demand and a mightier yen, Sony Corp. has unveiled plans to significantly restructure its operations, not to mention that stupid economy's face.
According to Reuters, the plan is to cut costs by 250 billion yen by March 2010, a move that would see the end of TV manufacturing and design at one plant in Japan and a worldwide reduction in TV design's headcount by 30 percent. Sony also plans to consolidate resources devoted to batteries (we hope the "anti-explosion" division won't be too hard hit) and small and mid-size LCDs. The salaries going to directors and managers are also expected to be cut.
See, we told you you'd be having a bad day.
