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Japan’s Toshiba to cut off 4,000 jobs in restructuring efforts

Anadolu Agency BUSINESS
Published May 16,2024
The logo of Japanese industrial group Toshiba is seen on top of a building at their headquarters in Tokyo on August 7, 2023. (AFP File Photo)

Japanese electronics firm Toshiba on Thursday announced plans to cut off 4,000 jobs domestically, accelerating restructuring efforts under new ownership.

The layoffs would come in the form of early retirement for employees aged 50 or above.

It will also integrate four subsidiaries into the parent firm to cut costs and turn around its struggling business.

Toshiba said it would also relocate office functions from Tokyo to Kawasaki, and target an operating profit margin of 10% in three years.

In March 2023, Toshiba was delisted after it accepted a 2 trillion yen ($13 billion) buyout offer from a consortium led by Japan Industrial Partners following a spate of problems including an accounting scandal.