PIONEER LAYOFFs JOB CUT: PIONEER fires 10,000, EXITS FLAT TV

Pioneer Layoffs News, Pioneer Job Cut announcement

Japanese electronics company Pioneer has decided to lay off 10,000 jobs. These 10000 job cuts are in addition to the 5,900 job layoffs by Pioneer in 2008. Of the 10,000 employees to be fired, 6,000 are full time employees while 4,000 are contract workers. All the job cuts will take place in Japan as well as abroad. Pioneer employes around 36,900 workers and hence 10000 job layoffs amounts to cutting its total workforce by a massive 27%. There is no specific news as to when these job layoffs will be implemented however these job layoffs are a result of Pioneer exiting the flat tv market (read below) and the report said that Pioneer plans to exit flat TV market by 2010.

Reasons for Pioneer Job Layoffs - Exiting flat TV market

Pioneer was once among the leader in flat TV market however its flat TV unit has been a highly loss making unit since the sharp fall in demand last year. As a result Pioneer has decided to exit the flat TV business completely. Pioneer has warned that it expects to make an annual loss of 130 billion yen or $1.4 billion.