Flat panel maker Chunghwa Picture Tubes (CPT) has announced plans to lay off most of its 2,100 employees, to be effective in 60 days, as a local court in Taoyuan, northern Taiwan has rejected its restructuring plan and its orders have plunged almost to zero.
The announcement also comes as the company’s two LCD fabs in Taoyuan face imminent power cutoffs because the two plants have failed to pay their electricity bills of up to NT$100 million (US$3.184 million).
This will be the company’s second round of mass layoffs in 2019 after it slashed 2,500 jobs in May due to financial difficulties.
The company said it will decide whether to completely suspend its operations after 60 days.
The company posted revenues of NT$1.338 billion in the first seven months of 2019, decreasing 91.6% from a year earlier. Digitimes