Sony denies ‘drastic’ cost-cutting

Electronics giant Sony has denied reports that it is set to embark on drastic cost-cutting measures,

Reuters

has revealed.

The Times reported this morning that Sony is set to transform its business by closing factories and ‘major’ divisions. However, a Sony spokesperson insisted there is no new restructuring plans bar the previously announced $1.1 billion savings measures revealed last month.

"We do not plan to announce additional restructuring measures at this time," said Sony spokesman Atsuo Omagari. "We don’t have any such plan."

Sony announced in December that it would cut 8,000 jobs and reduce investment in an attempt to save 100 billion yen a year.

MCV has contacted Sony for response.