Toshiba Corp., announced that it will be selling some of its business and will also be cutting cost through the lay-off of about 8,000 employees. The announcement comes after the needed restructuring of the company brought about by an expected $4.5 billion loss in 2015 due to an accounting scandal in April that caused great crisis for the conglomerate.
The company has also lost half its value starting in March and on Monday, Toshiba's shares dropped by 9.8 percent, according to the Wall Street Journal.
Even executives have started stepping down from the company. "The scandal has just sped up the entire process of restructuring, and it's adding a sense of urgency," said Bernstein analyst Michael Miles, according CNN Money.
Restructuring includes the "sale" of its health care business, as the company announced that it is looking for investors to make the business continue. In addition, Skyworth, a Hong-Kong based TV maker, has purchased Toshiba's TV and washing machine manufacturing plant in Indonesia for ¥3 billion (or around $25 million U.S.), according to BBC News.
The job cuts will mostly be done in the Lifestyle division and will start on March 2016, and some of those employed in Japan will be offered early retirement packages, BBC News adds.
