Report: Sharp to cut 11,000 jobs

The news agency reported that as well as company plans to cut 11,000 jobs, the company will sell 2.7 billion USD worth of assets and factories. The job cuts represent 19 percent of its total workforce. The company will also cut wages according to Kyodo, who cites a plan presented by the company to creditors on Monday. The plan will help Sharp secure 4.6 billion USD in loans. The company hopes to generate around Y38 billion from the sales of overseas plants and obtain Y25 billion by selling U.S. solar power generation firm Recurrent Energy LLC according to MarketWatch.