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ToshibaEMI to slash nearly 40% of workforce June 8, 2006

Posted by fukumimi in Economy & Business, Japan, Music.
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ToshibaEMI, one of the biggest Japanese record labels, has announced it is cutting its workforce dramatically.

It has been struggling due to poor sales, revenues were down to approx JPY50B in 2004 compared to a peak of JPY78.4B in 1999, and 2005 figures are projected be be even lower than 2004 due to the lack of big hits.

It has also announced a sale and leaseback plan for its 2 main office sites.

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