Sharp in troubled waters
The company is also looking to sell its assets in Toshiba and international manufacturing factories
Sharp is planning to sell off major assets and drastically cut down its workforce, in a bid to return the company to profitability.
Separate reports from Japan confirm that 10,996 out of 57,170 global employees will be fired by March 2014. This works out to roughly 20% of its total workforce. The electronics giant will also cut bonuses by 50% and shave off wages for its remaining staff.
Japan's Kyodo News network has said that Sharp will sell its stake in Toshiba and some international manufacturing factories. It said this will raise $2.31 billion in cash for the struggling manufacturer.
An emergency committee headed by Sharp's president Takashi Okuda will meet on Oct. 1 to implement the company's new plan. It is aiming at a return to profit during the company's business year, starting April 2013.
Sharp is looking to fortify its LCD TV business and focus on manufacturing small and medium screens for smartphones and tablets.
The transition will also see Sharp's other businesses, including office equipment, solar batteries and home appliances, being merged into a single entity.