Sony has announced a three point cost reduction plan which involves a re-evaluation of its investment plans, realignment of production sites and the sacking of 8,000 souls.

Sony plans to halt production at Sony Dax Technology Center in France and another unnamed site. It will also outsource a part of its planned increase of CMOS imaging sensor production and halt investments in its Nitra TV production plant in Slovakia.

However, the worst news is that a total of 8,000 workers, or 5 percent of its electronics business workforce worldwide, will end up on the street. These aren't the final numbers, as the company also plans to reduce the headcount in its seasonal and temporary workforces.

You can find the full statement here.