Sony is biting the bullet and making some serious sacrifices. Unfortunately, these actions will affect consumers and employees alike.
Sony will close 20 of its 31 US retail locations "in an effort to further streamline costs and continue focus on existing partner relations," the company said. Those closures will take place "within the calendar year," a Sony spokesperson confirmed with TechRadar.
The company will also let go of 1,000 employees by the end of 2014 as part of an "organization restructure" that will eventually see a "headcount reduction" of 5,000 employees globally.
The layoffs are in line with reduction forecasts Sony revealed in a February 6 earnings announcement.
It wasn't too long ago - April 2013, in fact - that Sony was re-opening three stores as part of an "expanded retail footprint." But Sony Electronics President and COO Mike Fasulo said these reductions are "absolutely necessary."
"While these moves were extremely tough, they were absolutely necessary to position us in the best possible place for future growth," Fasulo said.
"I am entirely confident in our ability to turn the business around, in achieving our preferred future, and continue building on our flawless commitment to customer loyalty through the complete entertainment experience only Sony can offer."
You can check here to see whether your nearest Sony store is one of the 11 that will remain open.
Earlier this month, Sony announced it was selling off its PC division in order to focus on mobile.