According to a report by Bloomberg, Sharp is going to cut 18 percent of its workforce which amounts to about 10,000 jobs. The company has been in debt since the second quarter when Sharp owed nearly $18 Billion and didn’t have enough cash on hand to cover its short-term obligations. At that time, Sharp mortgaged some of its offices and factories, including its head office, to get some cash flowing. But it seems that was not enough, earlier estimates of 5000 layoffs have now been doubled and as per the report Sharp is also thinking of selling three of its manufacturing plants to Foxconn. It must be noted that Sharp is one of the suppliers of iPhone 5′s new thin screen which seems to be causing the manufacturer huge issues in terms of delays and restraining profit. Earlier it seemed that with the iPhone’s help Sharp would be able to rise above the Red line, but now it seems that’s what is dragging the company to an even darker abyss.
