JVC has announced plans to slash 1,150 jobs -- nearly one-fifth of its workforce -- in early retirements in an effort to boost its lagging business, AFP reports.
As a part of the effort, JVC is offering workers with more than 10 years' service an early retirement option.
The move will reportedly cost the consumer electronics maker a one-off $96 million charge, but ultimately save money in the years ahead.
The drastic reduction is critical, "to return to the black in 2007, to strengthen management base in 2008, and achieve a long-term growth strategy by 2009," the company said in a statement today.
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