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Thursday February 28, 2013

Sony Sells Another Building For $1.2B

Can't turn a profit on your products? Laying off employees and selling billion dollar buildings seems to be helping Sony out these days.

Sony stated the sale was part of the company's reorganization of assets to "strengthen its corporate structure." Then again, the 41 billion (around $4.4 billion) raised in operating income by the sale and how it'll help Sony turn an operating profit this fiscal year helps too. The company wants to bring an end to four successive years of losses, including last fiscal year's loss of around $820 million, not to mention the humiliation of Fitch Ratings cutting the company's credit rating to junk status.

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