February 07, 2014, 6:00 AM —
Last week we talked about Sony's credit rating being reduced to "Junk" status by Moody's Investor Service. The bad news continued yesterday when Sony released third quarter financials. While they managed a $257 million profit in the third quarter (thanks in part to the successful launch of the Playstation 4), they've revised their annual forecast down to a $1.1 billion loss.
As the company continues to struggle to turn things around, it announced that it is selling off its Vaio computer division to a Japanese investment fund, Japan Industrial Partners, for an undisclosed sum. It is also splitting off its TV division into a separate company, and that action should be completed by July. As part of these changes the company will reduce its workforce by 5,000 jobs by the end of the year.
Of more immediate interest to personal technology fans, Sony has also announced that it is closing down its Sony Reader store. Customers will be transferred to Kobo. The transition happens in late March and Sony says "Our customers can be assured that they will have a seamless transition to the Kobo ecosystem and will be able to continue to access and read the titles they love from Sony devices."
Kobo already has a welcome page online for Sony customers and you can find out more about the transition there.
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