JAPAN’S Pioneer has warned the world and its dog its about to experience its sixth year in the red and will be taking an axe to rather a lot of its business.
The firm says it will pull the plug on its loss-making telly business, for a start, with thousands of workers set to be handed their P45s and pink slips.
According to AP, net losses have sky rocketed to $1.36 billion in the year up until March and the outfit expects to lose about $800 million this year.
Money is apparently hemorrhaging from Pioneer’s car audio product division, plasma displays and DVD drives.
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