Toshiba Corp. said Thursday it will slash up to 4,000 jobs through offers of early retirement and integrate four subsidiaries into the parent firm to cut costs and turn around its struggling business.

The streamlining effort is part of a new growth strategy the Japanese technology conglomerate formulated after delisting in December. The company had around 110,000 employees as of the end of March 2023.

The early retirement plan targets domestic employees who are aged 50 or above working at Toshiba group firms. Most of the job cuts will be in back-office departments, it said.

The company currently has headquarter offices in Tokyo's Minato Ward and Kawasaki in neighboring Kanagawa Prefecture, but it plans to concentrate headquarter functions in Kawasaki during the first half of fiscal 2025.

Toshiba's delisting in December came after a 2 trillion yen ($13 billion) buyout from a consortium led by Japan Industrial Partners Inc. as part of efforts to rebuild its business following a spate of problems in the 2010s, ranging from an accounting scandal to massive losses at its U.S. nuclear arm.

Toshiba said it posted a net loss of 74.8 billion yen for fiscal 2023 that ended March, a reversal from a net profit of 126.6 billion yen the previous year. Sales fell 2 percent to 3.29 trillion yen.

==Kyodo

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