Feeds

Sharp chopper falls on early-retire plan as employees flee in droves

We wanted to lose some people, but not that many

Internet Security Threat Report 2014

Ailing Japanese electronics maker Sharp has been forced to suspend its early retirement programme ahead of time due to the large numbers looking to cash in and check out.

The under-fire Osaka-based firm, which predicted losses of ¥250bn (£1.92bn) for the year ending March 2013, has been looking to offload staff in a cost-cutting exercise.

Reports emerged in September that it was set to slash 11,000 jobs worldwide, halve bonuses and sell off some of its factories in a bid to return to profitability.

Some of those will come from a voluntary retirement programme announced back in August, which was set to run from 1 to 14 November. However, the firm has revealed that it was shortened to 9 November “due to oversubscription”.

During the first nine days of the period, 2,960 applicants accepted voluntary retirement, nearly 1,000 more than was originally intended.

Sharp will be forced to record the ¥25.3bn (£19.47m) expense as an “extraordinary loss” for the third quarter of its financial year ending March 2013.

The firm, which is still Japan’s biggest producer of LCD displays, has recently been linked to a possible ¥30bn investment from either or both US chip giants Intel and Qualcomm.

According to the reports, Intel is interested in investing in the once-proud Japanese giant as its low-power display tech could be a good fit for new Ultrabook models. ®

Providing a secure and efficient Helpdesk

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
Hey Brit taxpayers. You just spent £4m on Central London ‘innovation playground’
Catapult me a Mojito, I feel an Digital Innovation coming on
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
EU probes Google’s Android omerta again: Talk now, or else
Spill those Android secrets, or we’ll fine you
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.