Ailing consumer electronics conglomerate Sony is to shed 10,000 jobs worldwide, the company revealed last night.
The company's new UK-born CEO Howard Stringer has been engaged in a reorganization project at the firm.
The announced cuts means Sony is losing 7 per cent of its workforce. 4,000 Japanese jobs and 6,000 jobs outside the country will be shelved by March 2008, reports the BBC.
Sony said it expected a group net loss of 10 billion yen ($90 million) in the current fiscal year.
The company also confirmed plans to sell $1 billion worth of property and other assets, according to UBS.
With interests in music, movies and finance, Sony's restructuring plan aims to resurrect its electronics division, which accounts for two-thirds of company revenues.