Japan Toshiba presser on job cuts

Japanese industrial giant Toshiba said on Thursday that they will cut up to 4,000 jobs in the country as part of a plan to turn the business around after going into the red last fiscal year.

Toshiba reported a net loss of 74.8 billion yen for the 12 months that ended in March. Toshiba delisted in December after a buyout led by Japan Industrial Partners. The new management announced its three-year business plan and said the job cuts would take place by the end of November. That would be a reduction of up to 6 percent of its workforce in Japan.