Japan's Toshiba Corp announces that it will cut 7000 consumer electronics jobs after a $1.3 billion accounting scandal. Due to restructuring costs, Toshiba expected to sell its television manufacturing plant in Indonesia and job cuts will be 10000 including the previously announced cuts and those seeking voluntary retirement.
Toshiba expected a net loss of around 550 billion yen ($4.53 billion) in this fiscal year ending in March. Because of the accounting problems, Toshiba's stock has fallen about 40% in early April. "By implementing the restructuring plan, Toshiba would like to regain the trust of all stakeholders including shareholders and transform ourselves into a robust business," mentioned in a statement.
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