TOKYO – Japan’s Toshiba Corp. will remove its iconic logo from atop New York’s One Times Square building, Japanese news agency Kyodo reported on Wednesday.
The large LED display – that have been used as a countdown clock for the Times Square New Year’s Eve celebrations – was a symbol of the rapid global expansion of the company and was placed on top of the building in 2007.
Apart from terminating its contract for the Times Square screen, the cash-strapped company also plans to terminate a sponsorship agreement with two long-running Japanese television programs, cartoon series Sazae-san and drama series Nichiyo Gekijo.
The company’s advertising cutbacks follow an earlier decision to sell off its television and visual products subsidiary to China’s Hisense Group and the sale of its home appliances branch to China’s Midea Group Co. last year.
The Japanese company has been trying to streamline its operations while trying to recover from the losses incurred by its nuclear energy branch in the United States, Westinghouse Electric, a subsidiary that filed for bankruptcy in March in the US.
On Sunday, the firm had announced it will raise 600 billion yen ($5.36 billion) via a new share issue to avoid being delisted from the Tokyo Stock Exchange.