Toshiba on Monday unveiled a restructuring plan for its unprofitable personal computer, television and home appliance businesses, selling production plants and cutting around 7,800 jobs.

The Japanese company a record group net loss of 550 billion yen ($4.53 billion) for the current business year through March due to massive restructuring costs.

"I will take the leadership so Toshiba will start a new as a company that can gain public trust," Toshiba President Masashi Muromachi said at a press conference.

Toshiba's sweeping review of its money-losing divisions comes in the wake of the company's systematic overstating of profits for nearly seven years. It also comes at a time when Japanese electronics makers are struggling to compete with Chinese and South Korean rivals.

Under the restructuring plan, Toshiba will split off part of its personal computer business and focus on corporate customers.

Toshiba will pull out of the TV production overseas. It will sell its production plant in Indonesia and transfer another plant in Egypt to its local joint venture partner El Araby Group.

Toshiba's development base for TVs and PCs, the Ome complex in Tokyo, will be closed or sold.

To streamline its white goods business, Toshiba will sell a washing machine factory in Indonesia.

A total of 7,800 job cuts -- 6,800, or around 30 percent of the total workforce in the lifestyle products and services division, and 1,000 at the headquarters -- are expected to be carried out.

Company sources have said Toshiba is considering merging its PC business with those of Fujitsu and Vaio, while Toshiba's white goods operations may be integrated with another struggling electronics maker Sharp.

The Japan Times also reported that Toshiba's flash foundry business could be set up as a separate subsidiary owning the Yokkaichi plant in Japan’s Mie Prefecture.

This fab is a joint Toshiba-SanDisk operation.

"The company (Toshiba) is promoting measure to strengthen the competitiveness of the NAND flash memory business, including new product development and productivity enhancements, but these do not include the reported decision to spin off the business or to list on the stock exchange, and no decision has been made in this regard, "Toshiba said in a statement.