In response to the weak business environment, Mitsubishi announced layoffs totaling 140 employees in its Sales and Credit divisions this morning. The two divisions continue to employee roughly 400 people at Mitsubishi's Cypress, CA headquarters.
In a statement released by the company, Mr. Shinichi Kurihara, CEO of Mitsubishi Motors North America, said, "It is with great sadness and regret that we must engage in these actions of personnel reduction. Our associates have all been loyal, hard-working and valuable contributors to the foundation of Mitsubishi Motors.
"However, the challenging economic climate forces strategic changes that will better support our long-term durability in the North American market. Mitsubishi Motors remains steadfast in its commitment to our consumers, dealers, partners and employees, and such reductions, though painful, will allow us to maximize and execute our revised future product and marketing plans in this new landscape."
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