Sony Rejects Reports of Further Layoffs

TOKYO, January 6: Sony
Corporation is dismissing press reports that it is planning further job cuts
and plant closures following its reorganization last month.

In early December, the
Japanese electronics giant announced a major restructuring initiative in order
to cope with the global economic downturn. The plan included cutting 8,000
full-time jobs and another 8,000 temporary workers, as well as scaling back on
investments, among other efforts. The move is an attempt to save more than 100
billion yen per year.

And there are more cuts to
come, according to the U.K.'s The Times, which reported on its website yesterday that the company was on the
"brink of a corporate upheaval" that would include layoffs, factory
closures and eliminating several divisions.

Sony has refuted those
reports. Atsuo Omagari, a Tokyo-based spokesperson for the company, told
Bloomberg: "We announced the restructuring of the electronics business
last month. We are not planning to announce further restructuring at this
time."

—By Mansha Daswani