Sony to Sell its US Headquarters for $1.1 Billion

http://www.bloomberg.com/news/2013-01-18/sony-to-sell-u-s-headquarters-to-chetrit-group-for-1-1-billion.html

Sony is to sell its US headquarters in New York for $1.1 billion to the real estate firm Cherit Group.

That’s according to a report by Bloomberg which states that Sony expects the sale of the 37-story building to generate $770m. That’s after debts related to the building are deducted.

Sony is trying to drum up cash following years of losses across its various interests. Last year the company lost a cool 229.8 billion yen.

"Given the opportunities and challenges in the current economic and real estate landscape, selling 550 Madison now is a timely and logical strategic move,” said Sony Corp. of America president, Nicole Seligman.

"Regarding our new headquarters, we continue to look at a number of spaces in Manhattan but have not yet made a decision about where to lease."

well that can't be a good sign.

sony hasn't done anything right in a long time lol. vita was a fail, selling the PS3 at a loss was a fail, columbia movies sucks, walkman is dead, their tvs and laptops aren't that good.

The PS4's going to be an Atari with a cool case.

Sony is doing decent in camera, but its such a niche market.