If you're an overpaid, television design director reading this from a battery-powered, mid-sized LCD panel, you're about to have a very bad day. After warning that it would post a record $2.9 billion annual operating loss due to weakening demand and a mightier yen, Sony Corp. has unveiled plans to significantly restructure its operations, not to mention that stupid economy's face.
According to Reuters
, the plan is to cut costs by 250 billion yen by March 2010, a move that would see the end of TV manufacturing and design at one plant in Japan and a worldwide reduction in TV design's headcount by 30 percent. Sony also plans to consolidate resources devoted to batteries (we hope the "anti-explosion" division won't be too hard hit) and small and mid-size LCDs. The salaries going to directors and managers are also expected to be cut.
See, we told you you'd be having a bad day.