Toshiba Corporation is strategizing to lay off a significant number of employees in an effort to relist its shares on the Tokyo Stock Exchange. This decision to reduce its workforce is part of a larger business plan set to be unveiled in mid-May, with the goal of improving profitability and restructuring the company's operations. The layoffs, which are expected to be the largest since 2001, might involve consolidating certain divisions of Toshiba's many subsidiaries at its Tokyo headquarters.
Having been acquired by Japan Industrial Partners in a substantial public tender offer valued at around 2 trillion yen, Toshiba faced being delisted for the first time in December 2023. The company, which employs approximately 67,000 people across various subsidiaries involved in diverse sectors such as social infrastructure and energy, aims to bounce back from its financial setbacks by enacting these workforce reductions. With a history of major management scandals and financial challenges, Toshiba is looking to regain its footing in the market by focusing on sectors like energy and social infrastructure to drive potential profit growth. Additionally, efforts are being made to leverage its digital technology for possible new business ventures.