Sharp Faces Financial Struggles, Closes LED Manufacturing Plants

In a bid to address significant financial challenges, Japanese electronics firm Sharp has announced the closure of three LED factories as part of a broader cost-cutting strategy. The company, which incurred a net loss of 30 billion Japanese Yen (approximately $250 million) for the fiscal year ending in March 2015, is projected to see its losses escalate to 100 billion Japanese Yen by year-end. The downturn has been largely attributed to the struggles of its solar cell business, which faces fierce competition from subsidized Chinese manufacturers. In response, Sharp plans to reorganize its electronic component and photovoltaic (PV) sectors and is seeking 150 billion Japanese Yen in financial assistance from banks, including Mizuho Bank. Following news of a potential debt-for-equity swap, Sharp’s stock has declined by 10%.

Sharp Faces Financial Struggles, Closes LED Manufacturing Plants

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