Pioneer exits flat-screen TV market
Thursday 12th February 2009, 12:22PM GMT.
Japanese electronics group Pioneer has said it is to stop making flat-screen televisions, with up to 10,000 jobs expected to go as a result.
Pioneer was the first firm to ever begin selling flat-screen TVs, but said the loss-making division had to be closed due to the sharp downturn in consumer spending.
The group, which has already cut 5,900 jobs and currently employs about 36,500 people, said 6,000 fulltime positions would go and 4,000 among contractors.
Pioneer said it would cut directors’ salaries by up to 50 per cent in anticipation of annual losses of 130 billion yen (£1.02 billion).
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