Sharp To Cut 5,000 Jobs Globally

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Reuters is reporting that LCD-maker Sharp is looking at cutting 10 percent of their workforce or about 5,000 jobs globally. Sharp currently has excess LCD panel stock due to a fall in demand this year.

This is the company’s first round of lay-offs and forced retirements since 1950.

Sharp lost $1.76 billion dollars this quarter while projected LCD sales are down two million from 10 million this year. Sharp is working with partners like Foxconn, makers of most Apple products, to place their excess stock.

Sharp is one of the largest LCD manufacturers in the world, supplying glass to nearly every OEM. However, as the demand for large-screen TVs softened, partially due to saturation after the recent 3D screen push, Sharp felt the sting of the recession.