Toshiba To Cut 4,000 Jobs in Restructuring Drive

Japan's Toshiba said on Thursday it will cut up to 4,000 jobs domestically as the industrial conglomerate accelerates restructuring under new ownership. From a report: Toshiba delisted in December due to a $13 billion takeover by a consortium led by private equity firm Japan Industrial Partners, capping a decade of scandal and upheaval. The consortium's efforts to engineer a turnaround at Toshiba are seen as a test for private equity in Japan, which used to be seen as "hagetaka" or vultures due to its rapacious reputation. The restructuring amounts to up to 6% of Toshiba's domestic workforce. The company also said it would relocate office functions from central Tokyo to Kawasaki, west of the capital, and target an operating profit margin of 10% in three years.

"restructuring"

[OrangeTide]

I think I would have used a different terminology [wikipedia.org].

Re: "restructuring"

[zkiwi34]

As in... People? People are expensive... We don't want no stinking humans here!

Failure

[JBMcB]

Toshiba has been hurting for over ten years now. In 2017 they filed unaudited financial results, which is concerning to say the least. They've been keeping afloat by selling off divisions, first their flash memory division, then their TV division, then their PC division, then their Westinghouse nuclear energy division. None of these division were being run well.

The company is tanking. Either the new owners can fix it, or the whole thing goes out of business and all 111,000 employees loose their job.

Re:

[Saffaya]

I have no sympathy for a company that was a traitor to the free world and selling classified submarine technology to the commies, i.e. the Soviet Union.
https://en.wikipedia.org/wiki/... [wikipedia.org]

Grandpa, get off my internet!

[thesjaakspoiler]

Stop complaining with your anti-communist crap about something that happened during the mid '80s.

This is the one case I'm not so sure

[rsilvergun]

Toshiba has been struggling for ages. Their PC and laptop biz was top of the line for ages and then just collapsed. And they've been getting their asses handed to them in every other industry frankly.

Private equity usually guts companies, but in Toshiba's case I'm not sure what's there to gut. Also Japan's stock market is very different than ours, it seems more difficult to pull the kind of shenanigans US private equity firms do. Not that Japan doesn't have it's own economic issues, just for different r

Re:

[alvinrod]

If they want to buy it to gut it, why should you or I complain about what they do with their money? Should I forbid you from purchasing a car if you intend to part it out because in your mind it's a worthless shitbox as a vehicle but if broken down into individual components may be of greater value?

I'm sure there's someone who'd argue "But this affects real people with real jobs!" as though it changes anything. You forget that the alternative is that the unprofitable parts of the company that should go o

Re:

[dwywit]

They sold the PC/laptop business to Sharp Corporation, who re-branded as "Dynabook".

I've been using and recommending Toshiba laptops to domestic customers for years, and never had any complaints. So far, the Dynabooks seem to be OK. Hopefully, Sharp will maintain or improve the product line.

I'd like to see better representation in the business-grade models, though.Toshiba made some nice ultra-lights and tablet-style models.