Isuzu Motors Ltd. announced Monday that its group of companies will cut one-quarter of its 38,000 workforce over three years to help ease its debt burden.
The move comes after Isuzu, owned 49 percent by General Motors Corp., reported earlier in the day that it incurred a consolidated net loss in fiscal 2000 of 66.79 billion yen on sales of 1.67 trillion yen, up 4.2 percent. It was its second straight year of losses.
The company said that it will cut 9,700 jobs while shutting down its main factory in Kawasaki, Kanagawa Prefecture, by the end of 2005.