Sharp, a company that has found itself on hard times lately, caught a break a month back when Samsung invested over $100 million into the company. This clearly wasn’t enough to advert all disaster, however, as Sharp will reportedly announce plans Tuesday to let go of 5,000 employees over the next three years.
The Asahi Shinbum reports that Sharp’s corporate head office in Osaka, Japan will have half of its executive staff cut. Besides its head office, most of the job cuts will reportedly take place outside of Japan. The job cuts are being made in an attempt to bring the company back to a profitable state, somewhere it has not been in sometime.
The company will also allegedly begin to focus more on creating high-end TVs for U.S. customers by producing more 4K TVs and TVs that are over 70-inches. Sharp will also be putting more focus on small-panel smartphone displays.
Even for a company like Sharp that has nearly 60,000 employees, getting rid of 5,000 people is a significant number.