Sony to Shutter 20 U.S. Stores, Cut 1K Jobs

Sony Corp's electronic unit said on Wednesday it is closing 20 retail stores in the United States and cutting 1,000 jobs, as the TV and game console maker tries to stem losses and regain market share.

The job cuts are part of a previously announced reduction of 5,000 positions globally, or just over 3 percent of its staff, and fall under a much larger reorganization that includes spinning off Sony's TV operations and putting its personal computer division on the block.

"While these moves were extremely tough, they were absolutely necessary to position us in the best possible place for future growth," Mike Fasulo, President and COO of Sony Electronics, said in a statement.

Known for its Bravia TV and Playstation game system, the Japanese company is struggling to compete against Apple and Samsung Electronics that dominate the smartphone, computer and gadget market.