To further that point, the Japanese firm is going to cut 5,000 jobs, which is 10% of their entire workforce. They've also accepted a £1.1bn bailout in a bid to try and turnaround their fortunes, but it isn't looking good.
Like never before, the competition in the electronics industry is furious high. While Sharp still make televisions, microwaves and printers, it does look like a company that has been left behind in the fast-paced, cut throat world of consumer electronics.
The business reported a deeper-than-anticipated loss for its last financial year ending 31 March of £1.2bn, which is Sharp's third figure in the red in four years. In America, they've seen their sales falling by 26% on the previous year. Total revenues are down 5%.
These bailouts will be in the form of debt for equity swaps from Mizuho Bank and Bank of Tokyo-Mitsubishi and along with the voluntary redundancy programme and job-losses, the company seem to be in a last-ditch attempt to save themselves from vanishing entirely.
Sharp have staff in the UK, but at the time of writing, there was no word on job losses.
TOPICS: High Street News