Sanyo Electric has announced that it will cut 14,000 jobs, or 15 percent of its global work force, in a sweeping three-year overhaul effort. The struggling Japanese electronics maker has been battered by falling prices for digital cameras, DVD recorders and other consumer electronic devices. In addition, the company suffered heavy losses after an earthquake last year badly damaged a plant.
See "Sanyo Electric to Eliminate 14,000 Jobs", Todd Zaun, The New York Times, July 5, 2005