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Sharp to cut 10,000 jobs, sell factories to Foxconn, report says

If Sharp lays off that many employees, it would represent an 18 percent reduction in its current workforce.


Sharp is eyeing steep workforce cuts to become more agile and adapt to its hard times, a new report claims.

The company is currently considering cutting more than 10,000 jobs, representing approximately 18 percent of its workforce, Bloomberg is reporting today, citing sources. The company is also in talks with Foxconn to sell three manufacturing plants, the news outlet's sources say.

At the end of the second quarter, Sharp owed nearly $16 billion in debt and didn't have enough cash on hand to cover its short-term obligations. The company has previously announced that it would lay off 5,000 employees and is hard at work on a restructuring plan. According to Bloomberg's sources, those cuts are included in the latest tally.

Sharp has not confirmed that it will increase its layoffs to 10,000. CNET has contacted the company for comment on the report. We will update this story when we have more information.