In Dec. 2008, Sony announced that it would lay off 16,000 employees, cut back on investments, close several of its manufacturing plants, and pull out of businesses as it is looking to cut $1.1 billion. Unfortunately, that does not seem to be the end of the bad news as Sony has just revised its earning estimates and is now expecting to lose $2.9 billion instead. As a result, it plans further layoffs in electronic, pictures, music and gaming divisions, and it will restructure and close manufacturing plants.