Sharp to cut 10,000 jobs, sell factories to Foxconn
The company is currently considering cutting more than 10,000 jobs, representing approximately 18 percent of its workforce, Bloomberg is reporting today, citing sources. The company is also in talks with Foxconn to sell three manufacturing plants, the news outlet's sources say.
At the end of the second quarter, Sharp owed nearly $16 billion in debt and didn't have enough cash on hand to cover its short-term obligations. The company has previously announced that it would lay off 5,000 employees and is hard at work on a restructuring plan. According to Bloomberg's sources, those cuts are included in the latest tally.