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Pioneer Cuts 10,000 Jobs

Pioneer laid off 10,000 people or 27% of their worldwide workforce today including many in the very profitable DJ product division. These 10000 job cuts are in addition to the 5,900 job layoffs by Pioneer in 2008. Of the 10,000 employees to be fired, 6,000 are full time employees while 4,000 are contract workers. All the job cuts will take place in Japan as well as abroad.

Pioneer Logo

Pioneer laid off 10,000 people or 27% of their worldwide workforce today including many in the very profitable DJ product division. These 10000 job cuts are in addition to the 5,900 job layoffs by Pioneer in 2008. Of the 10,000 employees to be fired, 6,000 are full time employees while 4,000 are contract workers. All the job cuts will take place in Japan as well as abroad. Pioneer employes around 36,900 workers and hence 10000 job layoffs amounts to cutting its total workforce by a massive 27%. There is no specific news as to when these job layoffs will be implemented however these job layoffs are a result of Pioneer exiting the flat tv market and the report said that Pioneer plans to exit flat TV market by 2010.

Pioneer Corp. said Today it is closing its television-making operations and plans to slash 10,000 jobs from its global workforce, as the economic slowdown batters the consumer electronics industry.

The job cuts cover 6,000 staff positions — about 16% of the total — and 4,000 temporary positions.

The withdrawal from the television business ends more than 25 years of TV manufacturing at Pioneer, which shifted its focus from cathode-ray tube sets to developing plasma-screen models in 1991, according to a Bloomberg News report.

The announcement came as the Japanese electronics firm posted a fiscal third-quarter 26.15 billion yen ($291 million) loss, down from a 1.69 billion profit in the year-earlier quarter.

In a good economy, you can create a losing technology like plasma screen TVs and still scrape by until you innovate another successful product. In this economy, you risk being shuttered.

Tags: Pioneer