Toshiba cuts thousands of jobs

<p>Thousands of jobs have been cut by Toshiba.</p>

Toshiba has confirmed it is cutting thousands of jobs in its television unit.

It was announced by the company that it will be halving the department – with the loss of 3,000 jobs in total – while it will also close down two of its three overseas TV manufacturing facilities.

The share price of the firm dropped on the back of the news it is letting thousands of members of staff go. Stocks were down by more than one per cent today (September 30th).

Toshiba has stated falling sales of televisions have meant it has had little choice but to cut the size of this department of the business.

It is now set to focus on areas of growth in Asia and Africa and end sales in "unprofitable regions" in the coming months and years.

In a statement, Toshiba said the changes were aimed "toward improving profitability and strengthening foundations of the business".

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