Its been a hard few years for Sony. Last year they lost a record 457billion-yen ($5,080,057,700 USD). Now the corporation is looking to uproot out of their metropolis headquarters.
The 37-story building at 550 Madison Ave will be sold to New York-based commercial property firm the Chetrit Group for $1.1 billion, generating around $770 million in net cash for the company. While the sale might sound dreary, it's business as usual for Sony's New York employees, who will continue to work out of the office for up to three years.
Sony has had four straight years of losses and this move is one in a series of efforts to sell assets and cut jobs and they are currently re-evaluating its financial forecast based on the sale. As it stands, the company has predicted a 20 billion-yen ($223 million) profit for the fiscal year, which ends in March.
This could be another progress in the evolution of this corporation or could this be the beginning of a "Humpty Dumty" situation?
-Daniel, Jedi Editor
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