Stringer says Sony will lose $1.7 billion

January 22, 2009 Citing what he termed "the worst crisis in my lifetime," Sony CEO Howard Stringer on Thursday forecast a net loss of 150 billion yen ($1.7 billion) and announced further restructuring of the company's ailing businesses at a hastily arranged Tokyo news conference. Last month, Sony said it would cut 16,000 jobs, curb investment and pull out of some businesses to slash $1.1 billion in annual costs. On Thursday, the company confirmed that it plans to close one of its two domestic LCD TV factories, cut an additional 2,000 jobs and call for voluntary redundancies in its Japanese work force, moves aimed at saving 250 billion yen ($2.8 billion) annually.

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