Toshiba Corp. will remove its corporate logo from its prominent position atop the One Times Square building overlooking New York's iconic tourist hub as part of cost-cutting efforts, sources said Wednesday.
In addition to terminating its contract for the Times Square screen in the first half of next year, the company has also formally decided to end its sponsor agreement with two long-running Japanese television programs — popular cartoon "Sazae-san" and a Sunday night show — at the end of March, the sources said.
The conglomerate is currently moving to streamline group operations to improve its financial standing as it looks to overcome huge losses stemming from its now-bankrupt U.S. nuclear unit.