Sharp To Sell Its Head Office Building To Nitori

Sharp to sell its head office building to NitoriStruggling electronics firm Sharp is in negotiations to sell its head office building to Japan's leading furniture retailer Nitori Holdings.
Sharp posted a net loss of about 1.7 billion dollars for fiscal 2014 that ended in March. This was mainly due to poor sales from its core liquid crystal display business.

Sharp is expected to conclude a deal soon with Nitori for the sale of its head office building in Osaka which has been the company's main base for about 90 years.

Sharp officials say they will pay rent to stay in the building and work there until they find a new location.

Sharp also plans to sell a building located across the street from the headquarters to NTT Urban Development, a real estate firm in the NTT Group.

Under Sharp's streamlining plan, 3,200 employees will leave the firm through voluntary retirement at the end of this month.

The company also started to cut employees' salaries last month.