Sony Denies Need for Further Restructuring
Sony has denied claims that the company will be taking further steps towards saving cash in the new year.
Just before Christmas Sony cut 8,000 jobs and announced plans to cut down down on planned investments as a direct result of the current economic state and the strength of the Japanese currency. At the time, the New York Times reported (citing Kazuharu Miura, an analyst who covers the electronics industry at Daiwa Institute of Research) Sony had cut 4,000 jobs abroad and 5,000 in Japan since 2003, resulting in savings of around 83 billion yen per year.
The Times reports that analysts are grim about Sony’s recent efforts to cut costs and say it’s too little too late. According to the publication, Koya Tabata, a Credit Suisse analyst, recently warned investors that the restructuring of Sony is perilously overdue and must be radical. However, eetimes says that responding to the report, Sony spokesman Atsuo Omagari said: "We do not plan to announce additional restructuring measures at this time."
Check out the full story on the Times.