Pioneer Layoffs: 10,000 Jobs Slashed

MarketWatch reports that Pioneer will be laying off 10,000 workers:

Pioneer Corp. said Thursday it is closing its television-making operations and plans to slash 10,000 jobs from its global workforce, as the economic slowdown batters the consumer electronics industry.

The job cuts cover 6,000 staff positions — about 16% of the total — and 4,000 temporary positions.

The withdrawal from the television business ends more than 25 years of TV manufacturing at
Pioneer, which shifted its focus from cathode-ray tube sets to developing plasma-screen models in 1991, according to a Bloomberg News report.

The announcement came as the Japanese electronics firm posted a fiscal third-quarter 26.15 billion yen ($291 million) loss, down from a 1.69 billion profit in the year-earlier quarter.

In a good economy, you can create a losing technology like plasma screen TVs and still scrape by until you innovate another successful product. In this economy, you risk being shuttered.