Sony to close e-reading store in Europe, Australia

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Sony is to shut its ebook Reader Store in Europe and Australia following a similar pullout in North America, the company has said, as the once-mighty electronics giant pulls in its horns.

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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.

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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.

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Reader Store will shut down on June 16 in Europe and Australia, while it will continue operating in Japan, it said.

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The Japanese electronics giant has already closed its Reader Store in North America in March.

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The streamlining came only a few month after the struggling manufacturer, which is a small player in the global personal computer market, sold its Vaio-brand PC division to a Japanese investment fund.

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Last week Sony warned 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.

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The one-time byword for consumer electronics innovation warned it would book a 130 billion yen net loss in the latest fiscal year to March, while it slashed its operating earnings outlook.

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