The company also plans to cut wages and sell or close international plants.
Sharp is undergoing a major restructuring – one much more significant than it appeared to be. The company recently announced that it would be cutting pay for all employees, but it turns out they need to go much further than that.
According to the Kyodo news, Sharp will be eliminating 10,966 jobs from its 57,170 person workforce. That's 19% of its employees. The company will also be cutting employee wages. Again.
Sharp's plan right now is to sell off international plants and fringe businesses like its solar battery division. The company will also be analyzing its LCD TV and smartphone businesses and finding better ways to execute in those markets.