The Japanese electronics maker is facing an annual loss of $1.4 billion. After cutting 5,900 jobs last year, they plan to cut an additional 10,000 jobs.
Once a leader in the making of flat screen TVs, they announced their decision to pull out of that market.
“Since the US financial crisis and ensuing global downturn, our sales of car electronics products and flat-screen TVs plunged worldwide,” said a Pioneer spokeswoman.
“We were severely hit by battered consumer sentiment.”