Toshiba will remove its Times Square logo in New York for cuts

The Japanese company Toshiba will withdraw its iconic logo from the One Times Square building in New York - from which New Year's chimes are projected - as part of its strategy to cut costs, according to sources informed by the company today.

Tokyo, Nov 22 (EFE) .- The Japanese company Toshiba will remove its iconic One Times Square building logo in New York - from which New Year's chimes are projected -, as part of its strategy to cut expenses, according to sources informed the company today.

In addition to removing the screen in Times Square in the next months, the Japanese company has also decided to withdraw its sponsorship of a popular cartoon program - "Sazae-san" - and a drama aired on Sunday night - "Nichiyo Gekijo" - both broadcast in Japan for several decades, detailed the agency Kyodo citing Toshiba sources.

The large diode screen was installed in the One Times Square in New York in 2007, as a symbol of the rapid global expansion that had had the company.

Toshiba's current problems are mainly due to the financial difficulties of its nuclear branch in the United States, Westinghouse Electric, a subsidiary that filed for bankruptcy in that country in March, and which caused the Japanese group to be demoted to the second section of the Tokyo Stock Exchange on August 1.

These cuts in advertising follows the decision of the company to sell its television subsidiary to the Chinese electronic products company Hisense Group and its electrical appliances to the Chinese company Midea Group Co.

Toshiba could also stop selling one of its best-known products, personal computers, abandoning the strategy of targeting a more public general, which generates large spending on advertising.

On Sunday, the board of directors of Toshiba approved a plan to raise 600,000 million yen (4,554 million euros / 5,356 million of dollars) through a new issue of shares to avoid their exclusion from the Tokyo Stock Exchange.