Toshiba to cut up to 4,000 jobs in Japan

TOKYO, May 16 (AFP): Troubled Japanese industrial giant Toshiba said Thursday that it plans to cut up to 4,000 jobs domestically as part of a restructuring programme.

The announcement follows the delisting of the firm's shares in September after being taken private by a consortium in the wake of multiple crises.

The headcount reduction will be achieved by November by offering employees aged over 50 who meet specific criteria voluntary early retirement.

"It was a tough decision for the management to make. But we believe these measures are essential to putting Toshiba back on the trajectory of recovery and growth," a company spokeswoman told AFP without wishing to be named.

Large-scale layoffs are rare in Japan but such use of early retirement schemes or voluntary redundancy has risen sharply.

The firm also said it is targeting operating profit of 380 billion yen ($2.5 billion) and a return on sales of 10 per cent in fiscal 2026, Bloomberg News reported.

It will move also head office functions from Tokyo's Hamamatsucho area to Kawasaki outside the Japanese capital in the first half of fiscal 2025.