Sharp layoffs have been announced and the restructuring move will cut 5,000 employees from the company’s roster. The layoffs equal nearly 10 percent of the company’s global workforce pool which totals 51,000.
While cuts will be felt across the board workers in Osaka, Japan are likely to be the hardest hit with half of that workforce disappearing.
The job cuts include half of the company’s directors who will now number six. Also being cut from the company’s top ranks will be numerous former presidents and vice presidents who now serve as paid advisors to the technology manufacturer.
Along with Sharp’s layoffs the company also plan to refocus its regional sales teams while working more closely on display panels used in smartphones and other mobile devices. It is believed Sharp is providing the displays for Apple’s highly anticipated iPhone 5S smartphone.
Sharp is also believed to be placing more of its efforts on determining regional requirements for large screen TVs. The company is also investigating TV sets larger than 70-inches and UHDTV’s (Ultra High Definition) that offer 4K resolution.
Financial constraints at Sharp recently led to Samsung and Qualcomm making investments in the tech firm in order to secure component supplies needed for their own products.
Sharp is about to experience an upcoming bond redemption and is rumored to be considering a 100 billion yen ($1 billion) loan from Japanese banks. The loan would help pay for the bond redemption while keeping the company’s finances above water. The money would also help secure the company’s ability to pay for supply.
Further information about the Sharp layoffs and restructure to follow as updates are made available.