Many Americans have probably owned some sort of electronic device – computer, television, stereo, radio, etc. that was made by Toshiba. Now the Japanese electronics giant is reporting losses in the billions with sign that the giant company is about to collapse.
The Japanese conglomerate said Tuesday that there is “substantial doubt” about its ability to continue as a going concern after it reported huge losses.
Toshiba has been hammered by the collapse of its American nuclear business, Westinghouse Electric, which filed for bankruptcy protection in the U.S. last month.
After twice missing deadlines, Toshiba () reported a net loss of 648 billion yen ($5.9 billion) for the quarter ended in December. But in an unprecedented move for a major Japanese company, Toshiba filed the report without the approval of its auditors.
Japanese regulators must now decide whether to accept Toshiba’s earnings report. If not, shares in the ailing company could be delisted from the Tokyo Stock Exchange.