Closing e-reading store in Europe, Australia: Sony

Closing e-reading store in Europe, Australia: Sony
Highlights

Closing E-Reading Store In Europe, Australia Says Sony Because Of Struggling Sales. Sony will soon be closing its ebook Reader Store in Europe and Australia following a similar pullout in North America, stated the company. 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.

Tokyo: Sony will soon be closing its ebook Reader Store in Europe and Australia following a similar pullout in North America, stated the company. 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.

Users of the company's tablets and smartphones will be transferred by next month to the Kobo e-book system operated by Tokyo-based online mall Rakuten, the company said in a statement issued Thursday.

Reader Store will shut down on June 16 in Europe and Australia, while it will continue operating in Japan, it said. The Japanese electronics giant has already closed its Reader Store in North America in March. Sony also warned that it would report a 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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