Sony’s miserable run in the consumer electronics industry is not news to us. This has reached a whole new level now with the Japanese manufacturer deciding to close down 20 of its retail outlets in the U.S. which amounts to about two thirds of its business in the country. Unfortunately, this will also result in over a 1,000 job cuts.

If this wasn’t bad enough, the company is also looking to sell off its headquarters in Tokyo. The company sold off one of its prime properties in New York last year, so it was only a matter of time before more of its units were shut down.

The company sees no immediate alternative to raise money with the television business showing very little rise and the computer business firmly shut as well. The only respite for the company is from its mobile division, but even that doesn’t amount to much thanks to the dominance of major players like Samsung and Apple. The company’s gaming division is the only lucrative business at the moment, but no one knows how long that will lost. All hopes are firmly stuck on the company’s mobile division which is looking forward to the release of the Xperia Z2 and the Xperia Tablet Z2.

• SourceThe Wall Street Journal
• ViaPhone Arena