Nikon's worrisome financial situation has cascaded as a result of the deflated camera market caused by the fallout from COVID-19, and in an effort to recover from what is expected to be its worst financial year ever, Nikon plans to focus its efforts on mirrorless.
This past year has not been kind to any camera manufacturer, but Nikon is reportedly in "dire straits" as it had yet to financially recover from previous business decisions even before it was hit with the worst slump in camera sales in years thanks to the proliferation of COVID-19.
Nikon will cut more than 2,000 workers outside of Japan by March of 2022 as well as shift some of its production from its factory in the Miyagi province of Japan to Thailand. The changes come as the company grapples with the rise of smartphones and the effects of the coronavirus pandemic.
After delaying the report—and publishing a revised financial forecast earlier this month—Nikon has finally released its Fiscal Year 2020 financial results. At the same time, the company reportedly cut 10% of its workforce in Thailand and Laos, laying off 700 people.