![Toshiba to cut up to 4,000 jobs in Japan](https://photo-cdn.urdupoint.com/media/2024/05/_2/740x404/pic_1715968398.jpg)
Toshiba To Cut Up To 4,000 Jobs In Japan
Sumaira FH Published May 17, 2024 | 10:53 PM
![Toshiba to cut up to 4,000 jobs in Japan](https://photo-cdn.urdupoint.com/media/2024/05/_2/740x404/pic_1715968398.jpg)
Troubled Japanese industrial giant Toshiba said Thursday that it plans to cut up to 4,000 jobs domestically as part of a restructuring programme
Tokyo, (UrduPoint / Pakistan Point News - 17th May, 2024) Troubled Japanese industrial giant Toshiba said Thursday that it plans to cut up to 4,000 jobs domestically as part of a restructuring programme.
The announcement follows the delisting of the firm's shares in December after being taken private by a consortium in the wake of multiple crises.
The headcount reduction will be achieved by November by offering employees aged over 50 who meet specific criteria voluntary early retirement.
"It was a tough decision for the management to make. But we believe these measures are essential to putting Toshiba back on the trajectory of recovery and growth," a company spokeswoman told AFP without wishing to be named.
Large-scale layoffs are rare in Japan but such use of early retirement schemes or voluntary redundancy has risen sharply.
The firm also said it is targeting operating profit of 380 billion Yen ($2.5 billion) and a return on sales of 10 percent in fiscal 2026, Bloomberg news reported.
It will move also head office functions from Tokyo's Hamamatsucho area to Kawasaki outside the Japanese capital in the first half of fiscal 2025.
Toshiba traces its roots back to 1875 and evolved into a vast conglomerate in the 20th century synonymous with Japan's postwar economic revival.
The firm became a household name in Japan and beyond, making everything from early laptop computers, elevators and nuclear power stations to microchips.
But it has lurched from crisis to crisis in recent years, including a huge accounting scandal in 2015 and billions of Dollars in losses from US nuclear subsidiary Westinghouse.
Pressure from activist shareholders and a takeover offer from private equity group CVC prompted aborted attempts to split the company first into three, and then into two.
Finally, Toshiba's board accepted in March 2023 the takeover bid worth around $14 billion by the consortium that included around 20 Japanese banks and other firms.
Its shares were then delisted in December after more than 70 years being traded on the Tokyo bourse.
The saga was closely watched in business circles for clues about what could become of other huge, diversified conglomerates in Japan and elsewhere.
Related Topics
Recent Stories
![Cricket: England v West Indies 3rd Test scoreboard](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019914.jpg)
Cricket: England v West Indies 3rd Test scoreboard
![Finance minister briefs Chinese officials on refor ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019922.jpg)
Finance minister briefs Chinese officials on reform agenda, engagement with IMF
![Finland says Russian vessel violated its territori ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019912.jpg)
Finland says Russian vessel violated its territorial waters
![Olympic opening ceremony under way on River Seine](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019266.jpg)
Olympic opening ceremony under way on River Seine
![West Indies' treble strike rocks England in third ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019264.jpg)
West Indies' treble strike rocks England in third Test
![Ukraine court orders detention of suspect in murde ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019262.jpg)
Ukraine court orders detention of suspect in murder of nationalist ex-MP
![Long queues, ticketing problems ahead of Paris ope ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019015.jpg)
Long queues, ticketing problems ahead of Paris opening ceremony
![Rana Sanaullah Khan joins Paris 2024 Olympics inau ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019638.jpg)
Rana Sanaullah Khan joins Paris 2024 Olympics inauguration reception
![Glowing tributes mark 69th birthday of President Z ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019637.jpg)
Glowing tributes mark 69th birthday of President Zardari at Governor's House
![Players unaware of spying scandal as Canada Olympi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019635.jpg)
Players unaware of spying scandal as Canada Olympic coach sent home: official
![Naqvi hails Pak women cricketers for going down fi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019013.jpg)
Naqvi hails Pak women cricketers for going down fighting against SL
!['Sabotage' on French rail network before Olympics: ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019634.jpg)
'Sabotage' on French rail network before Olympics: What we know
More Stories From Business
-
Finance minister briefs Chinese officials on reform agenda, engagement with IMF
7 hours ago -
Chinese support for CPEC, development projects show deep love with Pakistan: Mushahid
8 hours ago -
G20 seeks common ground on taxing super-rich
7 hours ago -
Stocks rise as inflation data boosts rate cut hopes
8 hours ago -
Land of PSM to be used for establishment of SEZs: NA body told
10 hours ago -
European medicines watchdog rejects new Alzheimer's drug
10 hours ago
-
FBR committed to resolve taxpayer issues in KP, Chairman FBR assures Governor KP
12 hours ago -
Tanveer emphasizes role of SEZs in attracting investment
12 hours ago -
Russian central bank hikes key rate to fight inflation
12 hours ago -
SBP injects Rs9.545 trillion into market
12 hours ago -
PSX stays bearish, loses 439 points
12 hours ago -
US Fed's favored inflation measure cools further in June
13 hours ago