There no escaping the credit crunch and now more firms are losing trade and money. Electronics manufacturer sharp is also heading for crisis. It is expected they will lose an incredible $1 billion dollars due to the economic crisis.

Sales of sharp electronics are down by a massive 15% which is much more than what was originally expected. Unfortunately because of their substantial loss sharp will have to reduce employees pay by up to 50% just to make ends meet.

Sharp are blaming its loss on the recession which hit many countries during the back end of 2008 and it seems no one is going to escape it.

Many other Japanese electrical manufacturers are also being hit hard. The money lost is a substantial amount if things carry on going then it is evident that they will have to cut jobs in order to stay in business.

Many people have been made redundant since the recession hit making it the highest number ever of people on state benefit hand outs. This could just be the start as many more jobs are set to go in the near future. It seems no one can escape this credit crunch.