Reginal Thomas
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Sony Electronics Hiring One Third Of Its Staff

Sony Electronics announced it plans to eliminate one third of its staff in 2014. The layoffs are part of the job cuts Sony Corp announced earlier this month. Along with job cuts the company will also be closing 20 U.S. stores. Sony is expecting a $1.1 billion loss this year as demand for televisions and personal computers shrink while Apple and Samsung dominate the smart phone market. Sony plans to sell its PC unit to buyout firm Japan Industrial Partners Inc. and spinning its TV unit into a separate operating unit.

“While these moves were extremely tough, they were absolutely necessary to position us in the best possible place for future growth,” said Mike Fasulo, president and chief operating officer of Sony Electronics.