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Sony vows deeper restructuring, warns of another loss this year

14
May
2014

By Reiji Murai and Sophie Knight TOKYO (Reuters) – Sony Corp said it would step up a broad restructuring this year to tackle bloated costs and exit some unprofitable businesses, hoping to put behind it years of persistent losses. Domestic peer Panasonic Corp, by contrast, has turned around its business by embracing industrial products and pursuing more corporate clients rather than consumers. Sony said it would spend 135 billion yen ($1.32 billion) on restructuring in the year to March 31, adding to the 177.4 billion yen it spent in the previous year, as it sells off its loss-making Vaio PC and disc storage businesses. \Well make this a year of biting the bullet on restructuring,\ Chief Financial Officer Kenichiro Yoshida told an earnings briefing.

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