Sony to unveil restructure plan
September 20, 2005
Sony said this week that it would unveil a long-awaited restructuring plan, aimed at turning around the struggling electronics and entertainment company.
The corporation said it would announce a new business strategy to reallocate resources, trim its product lineup (including its audio hardware and software products) and/or downsize poorly performing business units.
Sony's electronics division, considered the company's core area, has been in the red for the past two years amid intense price competition. The company is in the last year of a three-year restructuring plan that aims to slash $3.02 billion in fixed costs, mainly by cutting thousands of jobs in its broadcast and audio electronics divisions.
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