Pioneer has confirmed that it is closing its television business as the economic downturn claims yet another victim.

The company will "withdraw from the TV business by March 2010" and see the end of the award-winning Kuro range of televisions.

"The economic crisis forces electronics manufacturer Pioneer to make a number of radical decisions. Pioneer will realign its business portfolio and streamline its business structure for the group as a whole. Through these restructuring measures Pioneer is determined to restore its profitability", the company has said in a statement to Pocket-lint.

The company's home electronics business has lost money for the fifth year running and according to sources has struggled to justify the loss since the economic slump took a turn for the worse in recent months.

"In the Home Electronics business Pioneer will continue to develop home audio products as well as DJ equipment and will focus on its specialisation in sound. In the optical disk business Pioneer is looking closely at a possible joint venture", the company says.

Pioneer says that it has already reduced its consolidated workforce by approximately 5900 employees but that it plans to cull a further reduction of approximately 6000 employees and 4000 temporary staff. These staff cuts are aimed at reducing its loses - currently forecast to be a record $1.44 billion (130 billion yen).

Pioneer says it "aims to transform itself into an enterprise centred on the Car Electronics business and is determined to become a leader that revolutionises the world of Car Electronics".

Rumours first surfaced of the move earlier in the week that the company would be pulling the plug following a news report in Japan's Nikkei newspaper.

Last year Pioneer announced it was to close its plasma panel factories and joined up with Panasonic in a partnership to produce the Kuro range.

A Pioneer spokesperson told Pocket-lint on Monday: "The Nikkei's article was published based on speculation by a Nikkei writer, not based on Pioneer's official announcement".

"We are now reviewing all the business operations to make our mid-term business strategy group-wide. As soon as it is completed, we will officially announce it".

It seems that Nikkei reporter was on the money.

The company will continue to honour warranties and after-sales services.