Sharp takes more drastic measures to stay Afloat

Discussion in 'News' started by hodg100, Sep 11, 2012.

  1. hodg100

    Reviewer & News Writer

    Aug 8, 2005
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    Pay Cuts to save £111 million yearly

    According to reports, Sharp Corp it is to further reduce fixed costs by doubling cuts in managers' pay and trimming their year-end bonuses by 50 percent, compared to a 30 percent cut in their summer bonuses.

    The struggling TV maker (aren't they all?) also said it has asked the unions to accept pay cuts for the manual work force of 7%, from a 2 percent cut set back in May.

    Sharp has estimated that it will make them a yearly saving of 14 billion yen which equates to around £111 million. The company has already mortgaged most of its domestic offices and factories as collateral for around 150 billion yen of credit from Mizuho Financial Group Inc and Mitsubishi UFJ Financial Group Inc.


    VIA Reuters

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