Sharp to book charge to shed workers

LITTLE ROCK — Sharp Corp., the world’s worst-performing major stock, will book a $311 million one-time charge this quarter to eliminate jobs.

The charge, for 2,960 workers who accepted buyout offers, is already factored into earnings forecasts for the year ending March 31, Osaka, Japan-based Sharp said in a statement last week. Sharp, which sought about 2,000 voluntary retirements, closed the offer Nov. 9, it said.

Japan’s biggest liquid-crystal display maker said Nov. 1 it may post a record net loss of $5.46 billion this fiscal year, nearly double its earlier projection.

Faced with falling demand for TVs, a stronger yen and competition from Samsung Electronics Co. and Apple Inc., Japanese electronics makers including Sharp, Sony Corp. and Panasonic Corp. have resorted to closing factories, eliminating jobs and cutting costs to revive profit.

Sharp shares have fallen more than 70 percent this year, and are the worst performers among more than1,600 companies in the MSCI World Index of developed nations.

The company’s turnaround plan includes seeking voluntary retirements, cutting salaries, selling assets and reducing capital investments, Sharp said Nov. 1.