Taipei-The financially troubled Taiwan-based flat panels maker, Chunghwa Picture Tubes Ltd. (CPT), announced on Thursday that it will lay off all of its 2,100 employees, a decision which will go into effect in 60 days.
The Taoyuan-headquartered CPT said in an emergency statement that its board made the decision on Thursday after a local court had rejected its restructuring plans late last month.
The company is still appealing the court decision, but the company said since the deadline for legal protection was about to pass, it has no choice but to layoff all of its staff as its customers and investors had lost confidence in the company and its orders have dropped to zero.
A decision on whether or not to continue doing business will have to wait until the end of the 60-day period, the company's statement said.
Should it decide to do so, it will consider hiring back some of its workers, it added.
Founded in 1971, the CPT, a subsidiary of the Tatung Co. conglomerate, used to be the No. 1 flat panel maker in the country. It filed for bankruptcy protection in mid-December 2018 after facing huge financial losses over the years.
Source: Focus Taiwan News Channel