Sony, which is shuttering its ebook Reader Store in Europe and Australia, as it has done in North America, says it would likely book a net loss of US$1.28bil

Updated: Friday May 9, 2014 MYT 12:34:36 PM

Sony to close e-reading store in Europe, Australia

Sony, which is shuttering its ebook Reader Store in Europe and Australia, as it has done in North America, says it would likely book a 130 billion yen net loss (US$1.28bil) in the latest fiscal year to MarchTOKYO: Sony will shutter its ebook Reader Store in Europe and Australia following a similar pullout in North America, the company has said, as the once-mighty electronics giant pulls in its horns.

The move comes on the heels of the sale of its struggling PC business and as Sony looks to plug gaping holes in its balance sheet.

Users of the company’s tablets and smartphones will be transferred by next month to the Kobo e-book system operated by Tokyo-based online mall Rakuten, the company said in a statement issued Thursday.

Reader Store will shut down on June 16 in Europe and Australia, while it will continue operating in Japan, it said.

The Japanese electronics giant has already closed its Reader Store in North America in March.

The streamlining came only a few month after the struggling manufacturer, which is a small player in the global personal computer market, sold its Vaio-brand PC division to a Japanese investment fund.

Last week, Sony warned it would report a bigger-than-expected annual losses, blaming costs tied to its exit from the personal computer business, as the once-high-flying firm undergoes a painful restructuring.

The one-time byword for consumer electronics innovation warned it would likely book a 130 billion yen net loss (US$1.28bil) in the latest fiscal year to March, while it slashed its operating earnings outlook. – AFP

 

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

<span>%d</span> bloggers like this: