According to a new report, Sony will reduce its workforce by 10,000 around the world this year as part of the efforts to turnaround the loss making company.

About half of the planned jobs cuts is a part of a restructuring of Sony's chemical unit and its small and medium-sized liquid crystal display panels, according to a new report by Nikkei. The report also said that the company's top seven executives have decided not to accept bonuses this year.

The company’s total workforce stood at 168,000 employees as of March in the previous year. The report did not announce further details about the planned reduction. According to the new Chief Executive Officer of Sony, Kazuo Hirai, the company is planning to shut down some of the under-performing businesses in order to overturn the loss making company.

The Japanese electronics giant is expected to suffer a larger than expected loss of about $2.9 billion and this will make it difficult for the new CEO to turn around the company. Sony posted a $2.1 billion net loss for October-December as it continued to suffer against rivals including US-based Apple and South Korean firm, Samsung.

Hirai’s strategies involve closing down less-competitive businesses and review its portfolio. The loss this year is blamed on stronger yen, cuts in production due to floods in Thailand and cost of exiting a display-panel venture with Samsung.