Earlier this year, it came to light that Toshiba had exaggerated its operating profits by $US1.2 billion over the past six years. Now, it looks set to report a staggering $US4.5 billion of losses — and cut 6800 jobs as a result. The BBC reports that those jobs are being lost in its consumer electronics division as part of a massive restructuring. Toshiba also plans to sell its TV and washing machine manufacturing plant in Indonesia, and is looking for external investment in its healthcare business.
Toshiba's CEO and vice-chairman, Hisao Tanaka and Norio Sasaki respectively, resigned over the scandal. Sony has also already gobbled up part the company in the last few months, buying its image sensor division for $US155 million.