Electronics manufacturer Sharp has cut short a cost cutting scheme after being flooded with thousands of early retirement volunteers.
The company said it took only one week to meet its target to find 2,000 employees, or ten per cent of its workforce, willing to retire early.
The Japan-based manufacturer, one of the world’s largest makers of LCD panels for TVs and mobiles, introduced the retirement scheme as part of a wide ranging restructure to manage its debt.
While Sharp has secured emergency loans its credit rating has been downgraded to junk status, and the company is forecasting a $5.4 billion loss this financial year.
Broad salary cuts and mortgages to key properties will also form part of the company’s restructure.
Sharp said workers entering early retirement would leave the company by December 15, and existing workers have already been moved between its Japanese factories as production schedules are realigned.