Toshiba to lay staff off

ToshibaThe newly fledged CEO of Toshiba said that the accounting irregularities means that the firm will have to look towards laying off staff in divisions that are underperforming.

Masashi Muromachi has introduced a management team to take a cool long hard at its different business divisions and that could well mean layoffs.

According to Reuters, those divisons include its PC, home appliance and TV businesses.

Its nuclear business, which has also been under scrutiny, will also need to be looked at following the Fukushima disaster in Japan, which has virtually put an end to the business there.

Because of the irregularities, Toshiba may also need to take out bank loans because it is unable to raise money by issuing equities and bonds.

Muromachi did not say what the extent of the layoffs might be.