Japanese company Pioneer is the latest electronics company to feel the pinch, announcing that it will close its loss-making flat-screen television arm by March 2010. The company has also announced cutting its work force by 10,000 jobs, which is in addition to the 5,900 jobs lost last year.
Pioneer was one of the first companies to embark on producing flat-screen TVs, but despite this, it never captured a significant market share.
According to industry figures, Pioneer held a 6 per cent share of the global market in the first nine months of 2008. This isn’t much when you compare it to Panasonic’s 37 per cent share, and Samsung’s 23 per cent cut.
The job cuts at Pioneer will include 6,000 full-time workers in Japan and abroad. The additional 4,000 job cuts will affect global staff on contracts.
Other companies who are facing financial problems include Sony who has predicted it will make its first annual loss in over a decade. Sony is also looking to cut its global workforce by 8,000 jobs.
Toshiba has also announced that it is due to report a loss for sales figures last year.
Source: BBC News
One thought on “Pioneer Hit By Credit Crunch”
It is time of recension and the whole word facing this problem pioneer is a great company but it is very surprising that inverter of flat screen company did not get a good rank in world company rank