Toshiba cuts 3,000 jobs from struggling TV division, will close two production facilities
The TV market hasn't been kind to manufacturers as of late, and Toshiba is the latest company making cuts to counteract weak performance. Its underperforming TV division will be slashed by 50 percent (around 3,000 jobs). But trimming its workforce down isn't enough; Toshiba will also halt production at two factories by the end of this fiscal year and bump up outsourced production to 70 percent. Despite a trend of weak demand and millions in losses, the company believes these drastic changes — combined with a stronger focus on 4K and emerging markets — will help its TV division get in the black by the second half of the fiscal year. The fight for your living room is carrying on, but manufacturers like Toshiba and its competitors are being forced to be more cautious in a tepid market.