MarketWatch writes Sony will lay off 8,000 employees worldwide, about 5 percent of its workforce, along with a series of other measures to save money.
In addition to the layoffs, which account for about 5% of its global workforce, Sony said it will slash investments in its electronic business by 30% in the fiscal year ending Mar. 31 2010, withdraw from unprofitable businesses and step up outsourcing.
The moves, which include shuttering 10% of its 57 manufacturing sites worldwide, are intended to save more than 100 billion yen ($1.08 billion) in the next fiscal year.
"These initiatives are in response to the sudden and rapid changes in the global economic environment," Sony said in a statement posted on its Website Tuesday.
In addition to layoffs among its full-time staff, Sony plans to reduce seasonal and temporary workers.