Sony to Close 20 US Retail Stores

Sony to Close 20 US Retail Stores

Company said earlier this month it would book a $1.08 billion annual loss   Will cut 5,000 jobs while exiting the stagnant PC market this year 

WASHINGTON -- As part of the streamlining of the company, Sony (IW 1000/48) announced today that is closing 20 U.S. retail stores.

The company said the move would leave 11 retail stores in the U.S.

The moves are part of an effort by Sony Electronics to cut 1,000 jobs or one-third of its staff, part of a global workforce reduction by Sony of 5,000 announced earlier this month.

"While these moves were extremely tough, they were absolutely necessary to position us in the best possible place for future growth," said Mike Fasulo, president of Sony Electronics.

"I am entirely confident in our ability to turn the business around, in achieving our preferred future, and continue building on our flawless commitment to customer loyalty through the complete entertainment experience only Sony can offer," Fasulo added. 

Sony on February 6 warned it would book a $1.08 billion annual loss and cut 5,000 jobs while exiting the stagnant PC market this year as the once-mighty electronics giant struggles to reinvent itself in the digital age.

Sony will keep open its flagship New York retail store among the 11 remaining. The 20 closings stretch across the United States, including in California, Florida, Virginia and New Jersey.

Copyright Agence France Presse, 2014

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