Monday, June 17, 2024

Toshiba to cut 4,000 jobs to turn business around

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Japan’s Toshiba Corporation on Thursday said it will cut up to 4,000 jobs domestically to cut costs and turn around its struggling business.

The latest move came as the industrial conglomerate accelerates restructuring under new ownership after delisting in December. The company had around 110,000 employees as of the end of March 2023.

The streamlining, through offers of early retirement, targets domestic employees who are aged 50 or above working at Toshiba group firms. Most of the job cuts will be in back-office departments, the company said.

Toshiba also said it would relocate office functions from central Tokyo to Kawasaki, west of the capital, and target an operating profit margin of 10 percent in three years.

In December, Toshiba delisted from Japanese stock exchanges, ending its 74-year-long history as a publicly traded company, following a 2 trillion yen (US$13 billion) takeover by a consortium led by Japan Industrial Partners as part of efforts to rebuild its business.

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