Japanese newspapers are reporting that Olympus will cut around 2,500 jobs — over seven percent of its total workforce — in an effort to stem its financial losses. The cuts will be announced on June 8th, and will come from the company's struggling camera business as well as the consolidation of overseas plants. Olympus has been in dire straits after recently admitting to accounting irregularities estimated at $1.7 billion.
In addition to the job cuts, Asahi Shimbun reports that the company is to sell a 10 percent equity stake for "tens of billions of yen" to either Sony or Panasonic. It's not the first time we've heard of possible partnerships, but Panasonic is a new addition to the list of potential suitors. Although known mainly for...
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