Pioneer to exit TV market in 2010

by Hilbert Hagedoorn on: 02/13/2009 10:56 AM | source: | 0 comment(s)

Well, the word is out and final for Pioneer. Pioneer announced an annual loss of 130 billion yen (approx. $1.44 billion) and unveiled restructuring plans. The company said it will cut 10,000 jobs, close 30 percent of its production units, and that it will close its TV operations by March 2010.

The company will withdraw from the TV business by March 2010 and cut 16 percent of its full-time workforce, plus 4,000 temporary positions, Tokyo-based Pioneer said today. The net loss in the year ending March 31 compares with the 78 billion yen deficit it estimated on Oct. 30. Sales will probably fall 28 percent to 560 billion yen, the company said.

Pioneer, poised for a fifth annual deficit, lost a combined 100.6 billion yen at its home electronics business, including plasma TV operations, since the year ended March 2004. The recession increases the challenge for President Susumu Kotani, who took charge in November, to restore profitability by relying on sales of car-navigation systems even as auto sales plunge.

Related Stories

Pioneer ePAD released - 07/01/2010 12:33 PM
After iPad release, it

Pioneer Elite SC-37,VSX-30, VSX-31, and VSX-32 AV receivers - 06/28/2010 09:04 AM
Pioneer has introduced no less than six AV receivers for home theater fans including the new Elite SC-37, VSX-30, VSX-31, and VSX-32 units. The line has some lower priced units as well as the high-end...

Three new Pioneer 7.1 receivers with iPhone control - 03/26/2010 10:59 AM
Pioneer introduced its second AV receiver update this month with three new 7.1-channel models. The VSX-920-K, VSX-1020-K and VSX-1120-K all have special features for iPhones and iPods depending on the...

Pioneer BDR-2203 Blu-ray writer released - 04/15/2009 08:29 AM
Pioneer released a brand new Blu-ray writer today, which can also burn DVDs and CDs. The BDR-2203 has the ability to write to dual-layer Blu-ray discs at speeds of up to 8X. Now, I

Pioneer launches receivers, Blu-ray players - 01/09/2009 12:36 PM
Pioneer is showing off a number of new products for the home theater crowd. Made up of four new A/V receivers and three new Blu-ray players, the products bring new features at a lower price level than...