Citing "sudden and rapid changes in the global economic environment," Sony announced Tuesday it would cut 8,000 jobs. The company says the move, along with the closing of some manufacturing sites, will result in a savings of more than $1 billion per year. According to The New York Times, "About 10 percent of the company's 57 plants will be shut, including two overseas sites, and plans to expand a site in Slovakia where LCD televisions for the European market are assembled have been delayed." Shares were up nearly 4 percent after the news.
Read it at The New York Times
