TOKYO - Pioneer Corp. said Tuesday it will let go some 800 workers by June to slash overhead costs by around 10 billion yen in the fiscal year ending March 2014 amid poor sales, especially of after-market car navigation systems and home-use audio equipment.
Pioneer said it will shed about 500 regular and 300 non-regular workers out of 34,000 employed in and outside Japan.
Pay will be cut for both executives and rank-and-file employees and the company aims to devise a structural reform program by May to revamp its production and marketing systems.
Also on Tuesday, the electronics maker forecast a consolidated net loss of 4 billion yen for the current business year to March 31, revising its previous estimate of a 1 billion yen profit.
In its April-to-December earnings results announced the same day, Pioneer posted a group net loss of 9.76 billion yen, compared to a year-earlier loss of 6.57 billion yen.