Japanese electronics company Pioneer has said that it will axe 10,000 jobs as it copes with a downturn in sales in its car audio equipment and flat-screen televisions, combined with the stronger yen that is making exporting products to the US more costly.
The massive job cuts are the latest from many Japanese companies as they try to cut spending and payrolls, and reduce their productions as they try to survive the economic crisis that has hit around the world.
The cuts will see 6,000 full-time employees, and 4,000 contract employees being sacked. However, there has not been any regional breakdown of the cuts.
It will also exit out of the plasma television business, one of its money-losing departments, and will shit down two plants – one in California, and another in Britain – by April of this year. As well, the 350 or so employees working in the factories will be part of the job cuts.
It reported a net loss of 26.15 billion yen from Q4 of 2008, down from a 1.69 billion yen profit made last year. Revenue dropped 37.8 percent to 131.23 billion yen.