Sony which two days back receives a BBB+ long-term debt rating from Standard and Poor, citing a warning that it may further drop the ratings to further extent unless and until if the Japanese consumer electronics giant shows it can achieve relevant and significant turnaround in profitability.
WSJ is reporting that the incoming chief executive of Sony, Kazuo Hirai said, “Restructuring will continue at the struggling Japanese electronics giant, and insisted he is prepared to make “hard decisions,” if necessary, about cutting the payroll and offloading some of the company’s broad-ranging businesses.” Hirai also said, “There’s no area that we are leaving as a sacred area.”
Hirari earlier discuss his four-point master plans for saving the troubled company. The company posted recently an operating loss of $1.2 billion and net loss of $2 billion on revenue of $23.37 billion. Sales were 1,822.9 billion yen (USD $23,370 million). The Japanese electronics giant recently announced that it has named former president of its Consumer Products and Services Group Kazuo Hirai as president and CEO, replacing Howard Stringer.