Sony is ready to flog its sky-scraping US hq in Manhattan for $1.1bn to induce hold of some much-needed money.
After debts on the building are settled up, the recreation large expects to run away with $770m - that is $685m quite it procured it in 2002. However, by means of comparison, the firm recorded a $5.7bn internet loss for its last twelvemonth.
"Sony is enterprise a range of initiatives to strengthen its financial foundation and business competitiveness and for future growth," the company same in a very canned statement.
"At constant time, Sony is equalisation money inflows and outflows while operating to enhance its cash flow by fastidiously selecting investments, mercantilism assets and strengthening control of assets such as inventory.
"This sale is made as a neighborhood of such initiatives."
Sony and its businesses, together with the music and flicks divisions, can stay in the Madison Avenue building for up to three years in a very leaseback agreement with the patrons, a consortium semiconductor diode by real-estate line of work The Chetrit cluster.
The Japanese large same it expected the deal to be done by March this year and it'd fit out the numbers in its twelvemonth forecast to take the sale into account.
Sony has lost cash per annum for the past four years because it did not build an impression in the mobile devices market while its PlayStations remained in hot competition with Xbox and Wii consoles; its handheld gambling gear did not build the splash the firm was hoping for, either.
Like many alternative older school companies, Sony has started restructuring itself to specialise in additional profitable markets. So far, the company has oversubscribed off its chemical subsidiary and cut thousands of jobs.
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