End May Be Near for Toshiba

The company says it's projected to lose more than $9B this year
By Michael Harthorne,  Newser Staff
Posted Apr 11, 2017 1:05 PM CDT
End May Be Near for Toshiba
Toshiba Corp.'s President Satoshi Tsunakawa bows during a press conference at the company's headquarters in Tokyo, Tuesday, April 11, 2017.   (AP Photo/Shizuo Kambayashi)

Toshiba says it has "substantial doubts" about its continued existence, USA Today reports. That will happen when your company is projecting it will lose $9.2 billion in the current fiscal year. The Japanese company has been struggling since the 2011 Fukushima nuclear disaster but suffered a major blow when Westinghouse Electric, its US nuclear unit, filed for bankruptcy last month. According to CNN, Toshiba is trying to recover by selling a majority stake in its computer chip business. The financial report that was released Tuesday had been delayed twice and was only finally released without approval from Toshiba's auditors. If the report isn't accepted, Toshiba could be dropped from the Tokyo Stock Exchange. (More Toshiba stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.