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Pioneer Unplugs Its TV Business

DAISUKE WAKABAYASHI The Wall Street Journal 02/12/2009 16:03
Pioneer Unplugs Its TV Business - Pioneer - TV


Electronics Maker to Close Division, Shed Another 10,000 Jobs as It Grapples With a Sharp Decline in Sales



Pioneer Corp. said it plans to exit its money-losing television business and cut thousands of jobs, the latest example of Japan's flagship electronics manufacturers trying to cope with stagnant consumer demand and the strong yen.

Crippled by a sharp decline in sales and intense price competition with larger rivals, Pioneer said Thursday that it would withdraw from the plasma-display business by March 2010. Pioneer already has cut nearly 10,000 full-time and temporary jobs and said it plans to reduce its staff by an additional 10,000 workers.


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