Struggling electronics group Sony admitted it will make another huge loss this year and revealed tough new measures to help put it back into the black, spinning off its loss-making Bravia television business and selling its Vaio laptop computer division.
The company – which will have recorded losses for six out of the last seven years – was forced to scrap forecasts for a £180m profit it made only last October and said instead it would hurtle more than £600m into the red as it absorbs the costs of making 5,000 more staff redundant.
In April 2012, chief executive Kazuo Hirai slashed 10,000 jobs, but a failed attempt to return its TV business to profitability has now prompted more drastic measures.
Sony's long-term credit rating was cut to junk last month by Moody's, over concerns at the losses in computers and television sets. It was already rated ...