Toshiba Forecasts Record $4.5 Billion Loss, Plans Job Cuts

Toshiba Corp. forecast a record 550 billion yen ($4.5 billion) loss for the current fiscal year following an accounting scandal and plans for job cuts and restructuring in its lifestyles segment including televisions, personal computers and home appliances.

The conglomerate fell 9.8 percent, the most since May 11, to close at 254.8 yen in Tokyo trading. The company has lost about $9 billion, half of its market value, over the past eight months as shares plunged after initially announcing the accounting probe more than eight months ago.

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