Sharp will reportedly be laying off 5,000 employees as part of a three-year recovery plan to turn the company around. According to The Asahi Shimbun, the number of directors and advisory positions will be cut in half, and the number of employees at Sharp’s main office in Osaka, Japan will be reduced by 50%. Additional layoffs are also expected in China and Malaysia. In an effort to increase profits, the company will be revising its focus to producing smartphone displays, large-sized HDTV sets and 4K TVs. Sharp will reportedly announce its three-year recovery plan next Tuesday.