Sony To Close E-Reading Stores In Europe, Australia

e-Reader
Struck with losses, Sony has decided to shut its ebook Reader Store in Europe and Australia after a similar pullout in North America, two months ago.
Reader Store will close on June 16 in Europe and Australia, while it will continue operating in Japan.

The company said, the users of the tablets and smartphones will be transferred by next month to the Kobo e-book system operated by Tokyo-based online mall Rakuten.
The move comes on the heels of the sale of its struggling PC business and as Sony looks to plug gaping holes in its balance sheet.

The Japanese electronic giant which is a small player in the global personal computer market, recently sold its Vaio-brand PC division to a Japanese investment fund.

Last week Sony warned it would report bigger-than-expected annual losses, blaming costs tied to its exit from the personal computer business, as the once-high-flying firm undergoes a painful restructuring.

The one-time byword for consumer electronics innovation warned it would book a 130 billion yen net loss ($1.28 billion) in the latest fiscal year to March, while it slashed its operating earnings outlook.

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