Troubled Japanese industrial giant Toshiba said Thursday it plans to cut 4,000 jobs in Japan as part of a restructuring plan.

Toshiba Corp said on May 16 it would cut up to 4,000 jobs as part of efforts to increase operating profit as a percentage of revenue, aiming to reach an operating margin of 10 percent within three years (from just over 1 percent now).

IS215PCMIH1A The company will also move its headquarters functions from the Hamamatsucho area in Tokyo to Kawasaki City outside the Japanese capital in the first half of fiscal 2025.

The announcement comes after the company’s shares were taken private by a consortium following multiple crises and delisted in December.

The cuts will be made in November by offering voluntary early retirement to employees over 50 who meet certain criteria.

Mass layoffs are rare in Japan, but there has been a sharp increase in such early retirement programs, or voluntary layoffs.

The former home appliance giant fell to the altar

Toshiba’s history can be traced back to 1875. Once a Japanese manufacturing powerhouse, Toshiba, which supplies everything from semiconductor chips to nuclear power equipment, was once Japan’s largest semiconductor maker and one of the world’s biggest makers of PCS, home appliances and medical devices, but has been hit by scandals and heavy losses since the accounting fraud scandal in 2015.

IS215PCMIH1A The company then suffered a disastrous foray into the nuclear business, forcing it to write down $6.3 billion and sell its “crown jewel” memory chip business, known as Kaixia Holdings.

Westinghouse, Toshiba’s U.S. nuclear power company, filed for bankruptcy in 2017 after suffering years of heavy losses from soaring safety costs.

Toshiba has been trying to cut costs at its sprawling business and has sought to focus on its infrastructure and digital technology businesses. Toshiba delisted from Japan’s Tokyo Stock Exchange in late December, bringing an end to its 74-year career as a public company, after two breakups.