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Struggling consumer electronic Company JVC has now resorted to slashing jobs and selling assets in a desperate effort to survive. The Company has also cut back on R&D investment as retailers around the world dump the brand because of their poor performance and past poor quality of their products.
Struggling consumer electronic Company JVC has now resorted to slashing jobs and selling assets in a desperate effort to survive. The Company has also cut back on R&D investment as retailers around the world dump the brand because of their poor performance and past poor quality of their products.
Now the Company that is in part owned by Kenwood aims to cut 1,150 workers or 18 percent of its parent-only work force by mid-October as part of its turnaround effort.
JVC, owned 17 percent by audio equipment maker Kenwood Corp and 13 percent by asset manager Sparx Groupsaid it would book an another additional loss of $96 million for the first half of the current business year that started in April, due to costs for the early retirement scheme.
The loss is already factored into its earnings forecasts for the full year to March 2008, JVC said.
The Yokohama-based company also said it plans to sell its cathode ray tube component factory in China’s Fujian province to a Hong Kong-based company for an undisclosed sum.
The planned sale is also factored into its 2007/08 earnings outlook.
JVC forecast a net loss of $189 million for the year to March 2008, a fourth straight year of net losses. Although JVC enjoys strong demand for hard disk drive-equipped camcorders, it is struggling to compete with industry titans such as Sharp Sony and Samsung Electronics in the flat TV market.
