Japanese TV maker Sharp Corp has been reported to be struggling since long to cope with its declining conditions. After declaring its predicted net loss of the year accounting to $5.6 billion, the company claimed that it would no longer be able to sustain alone and is seeking association with other companies.

In a statement, the company asserted that huge loss during the second quarter is a serious issue and it will fail to tackle the situation alone. Although, the company is taking measures and steps, including pay cuts, to maintain the flow of cash.

Since the past few months, Sharp has been holding meetings with Hon Hai Precision Industry Co Ltd asking the Taiwanese multinational electronics manufacturing company to become its chief investor.

On Thursday, the company stated that it is expecting the company to agree with the deal and sign the agreement by March deadline. However, the company affirmed that it is also looking out for other options.

Tetsuro Ii, CEO of Commons Asset Management in Tokyo, said, "Perhaps it will not fail within this year, but I don't think Sharp has a viable business in the next 3-5 years but it is not left with much time".