Toshiba said on Thursday it will cut up to 4,000 jobs domestically as the industrial conglomerate accelerates its restructuring under new ownership.

Toshiba delisted in December due to a $13 billion (¥2 trillion) takeover by a consortium led by private equity firm Japan Industrial Partners (JIP), capping a decade of scandal and upheaval.

The consortium's efforts to engineer a turnaround at Toshiba are seen as a test for private equity firms in Japan, which used to be seen as hagetaka, or vultures, due to their rapacious reputation.

Toshiba said it will relocate its head office functions from central Tokyo to Kawasaki, west of the capital, and target an operating profit margin of 10% in three years.

In Japan, which is known for its conservative business culture, private equity firms are increasingly seen as an option for companies disposing of noncore assets or lacking succession candidates.

A wave of companies have announced job cuts in recent months including photocopier maker Konica Minolta, cosmetics firm Shiseido and electronics firm Omron.