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Toshiba to cut 4,000 jobs to reduce costs
Japanese technology firm Toshiba announced today it will cut 4,000 jobs through early retirement schemes and by merging subsidiaries into the parent company in a bid to reduce costs.
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The company, which left the Tokyo Stock Exchange in December last year, also said in a statement that these measures are part of a restructuring plan for its business.
The president of the Japanese business group, Taro Shimada, said at a press conference in Tokyo that Toshiba has about 110,000 employees, 4,000 of whom will be subject to an early retirement plan for those over 50.
The company, which is headquartered in the central district of Minato, Tokyo, and in Kawasaki, south of Tokyo, also plans to move its headquarters in full to Kawasaki in the next fiscal year.
The Japanese company left the stock market after being acquired by a consortium led by Japan Industrial Partners for around 11.896 billion euros.
Toshiba recorded a loss of 444 million euros in the fiscal year that ended in 2023, after having recorded a profit of 749 million euros in the previous year.
Founded in 1875, Toshiba was once one of the world's largest technology companies. It started out as a manufacturer of household appliances and gradually diversified into areas such as infrastructure and energy.
For years, the iconic Japanese company has been immersed in serious economic problems, and shaken by several accounting controversies from decades past, in addition to major losses with its nuclear business, which led it to divest several of its most important business segments, such as semiconductors, image sensors and computers.
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