This year Sony is reporting that they will post a $3 billion annual operating loss due to the deterioration of the global economy. Alongside that, they’re looking to restructure their company a bit, which will include massive layoffs and factory closings.

“The massive economic upheaval being experienced across the world is sparing no one in the consumer electronics world,” said Howard Stringer, the Sony chief executive. He claims that the main problem had been “a significant deterioration” in the company’s core electronics division. Business was notably down across every major line, including games, movies and financial services.

Sony’s stock has declined by nearly 65 percent over the past 12 months, and there doesn’t look to be an immediate fix in sight. One can hope that they’re able to weather the economic storm and get through this, though massive layoffs seem to be an inevitability at this point.

Image Credit: Shizuo Kambayashi/The Associated Press