Toshiba will lay off 4000 workers
Under the new ownership, Toshiba is going to lay off as many as 4000 workers to accelerate the restructuring of the company. News Reuters.
After a decade of scandals and turmoil, a consortium led by private equity firm Japan Industrial Partners (JIP) acquired Toshiba for $13 billion. The company was delisted last December.
The new ownership consortium is working to reposition Toshiba in the market. And for this, about 6 percent of the company's local workforce is being laid off. The company said it would move its headquarters from central Tokyo to Kawasaki, west of the capital, and aim for a 10 percent operating profit margin over the next three years.
