Japan is reeling after estimates were released that the country’s electronics industry posted a huge deficit last year.

Sony is expected to post a deficit of 220-billion yen, or three-point-two trillion won, in 2011, marking the company’s third largest deficit ever. The drop is being attributed to lackluster sales of its TVs.

The Japanese firm saw massive losses worth 230-billion yen in the TV sector alone, after closing down its joint factory with Samsung for LCD TVs.

Sharp also saw a record-high deficit of 290-billion yen in 2011, while Panasonic, which also suffered slow sales of TVs and semiconductors, recorded a 700-billion yen deficit.