Sony to lay off 10,000

Sony on Thursday announced a companywide restructuring that will result in the loss of 10,000 jobs, the closure of 11 plants and the end of its existing network system.

The world's second-largest consumer electronics maker said it expects to save $1.8 billion in the process as it refocuses its efforts on electronics, televisions, digital imaging, DVD recorders and portable audio. Of the 10,000 in job cuts, the company said it will slash 4,000 jobs in Japan and 6,000 jobs elsewhere.

Chief executive Howard Stringer, president Ryoji Chubachi and chief financial officer Nobuyuki Oneda outlined the details of the company's rebuilding process during a strategic meeting with management and key partners in Tokyo.