Report Sharp cutting 11,000 jobs, 19% of its workforce, by March 2014

Japanese electronics giant Sharp is reportedly planning a major restructuring to bring the company back to profitability by 2014, as reported by Kyodo News. Said restructuring will see Sharp cut nearly 11,000 (10,966) jobs from its 57,170-person workforce by March 2014 -- just under 20 percent of all employees -- and sell off various assets, resulting in ¥213.1 billion ($2.7 billion) of much needed capital from lenders. Named assets to be sold include international manufacturing plants, and shares in other Japanese electronics company, Toshiba. The company also plans on shuttering its international manufacturing plants, as well as once again cutting employee wages.

So, what's gonna save Sharp from more turmoil? A rethinking of its LCD TV business, apparently, as well as a "strengthening" of the company's smartphone LCD offerings. Sharp's also moving away from solar batteries, selling off its US-based solar firm Recurrent Energy LLC. Company prez Takashi Okuda will head up the massive restructuring, leading an "emergency management committee" starting in October. All of this adds up to Sharp expecting a return to profitability by next April. You'll forgive us if we're a bit wary of that prediction, but our best wishes are with those impacted by the chaos.

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Report: Sharp increases layoffs number, aiming for profitability by March 2014