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Sharp plans to eliminate 11,000 jobs, raise $2.74 billion by selling assets

Updated Dec 19th, 2018 8:36PM EST

Sharp (SHCAY) plans to lay off 11,000 employees and generate $2.74 billion by selling off various assets, according to a leaked memo obtained by Japanese news organization Kyodo News. The troubled Japan-based company, which previously announced plans to cut 2,000 domestic jobs, submitted its plans to various financial institutions to notify them about its new restructuring proposals. Sharp will cut wages, unload a number of its overseas manufacturing plants and cut ties with its subsidiary and shares in Toshiba, in addition to overhauling its LCD TV business, cutting down its solar battery operation and strengthening its LCD panel business for mobile devices. The company’s previously announced round of layoffs are set to begin in November, and Kyodo News did not reveal when the newly proposed job cuts will take place.

[Via TheNextWeb]