Toshiba has been a pioneer in laptops, but on Tuesday it decided to depart with the company's declining PC business and sell it to the Foxconn-owned Sharp.

Toshiba is offering the 80 percent stake in the PC unit for a mere 4 billion yen or $36 million, according to its financial filing. The deal is scheduled to close in Oct.

Since 2015, the Japanese firm has been trying to restructure its business, amid weak growth in the PC market and an accounting scandal, in which the company was overreporting profits.

To cut costs, Toshiba in 2015 slashed over 7,800 jobs. The company's PC division has also been trying to generate sales by selling more products to enterprise clients. But on Tuesday, Toshiba said it had to do more to generate corporate value for its PC business, and so sold the majority stake to Sharp.

The deal doesn't spell a complete end for the company's notebook business, which started in 1985 with the T1100, one of the world's first laptops.

"Following the share transfer, Toshiba will continue to provide brand licensing for PC products and equipment designed, manufactured and sold by [Toshiba Client Solutions Co.]," it said in the filing.

The deal also paves the way for Sharp to re-enter the PC market, after calling it quits back in 2010. Sharp is another Japanese company that was also struggling financially. But in 2016 it was acquired by the Taiwan-based iPhone manufacturer Foxconn Technology Group for $3.8 billion.

As a contract manufacturer, Foxconn has also assembled PCs for major brands including Acer, Dell and Hewlett-Packard. But in recent years, the Taiwanese company has been trying to sell its own electronic products as a way to increase profits. So don't be surprised if more Toshiba or Sharp-branded laptops make their way to store shelves in the coming years.