Debt-laden TV manufacturer Sharp Corp. is reportedly mulling over plans to sell two of its overseas factories - one in China and another in Mexico.

A person familiar with the situation revealed on Tuesday that the Japan-based struggling TV manufacturer is considering selling the two factories as part of ongoing discussions with its Taiwan-based partner Hon Hai Precision Industry Co.

According to the person, who declined to reveal his identity as he was not authorized to speak on the topic, Sharp could sell the factories either to Hon Hai, or to joint venture Sharp Display Products Corp.

Either of the two options would lead to a steep reduction in workforce. Each of the two factories employs roughly 1,500 workers. Therefore, the potential selling of the factories would throw nearly 3,000 workers out of jobs at Sharp. These potential jobs cuts would be in addition to the 5,000 job cuts that the struggling electronics manufacturer has already announced.

In other words, Sharp will witness a payroll reduction of around 8,000, or 14 per cent of its entire workforce, in total.

Burdened with a heavy debt pile of around ¥1.25 trillion, Sharp has forecast a net loss of ¥250 billion ($3.15 billion) for the twelve month through March.