Panasonic Cuts Jobs, Projects $4B FY Loss4 Feb, 2009 By: Chris Tribbey
Panasonic announced Feb. 4 that it would cut about 15,000 jobs worldwide, after announcing it was projecting a loss of more than $4 billion for its fiscal year ending March 31.
Half of the jobs would be cut in Japan, however, 14 of 27 manufacturing locations the company said it was shutting down by 2010 would be in other countries.
“The company’s business conditions have worsened … due mainly to the rapid appreciation of the yen, sluggish consumer spending worldwide and ever-intensified price competition,” the company said in a statement. “Under these severe circumstances, aiming at getting out of this difficult situation and getting growth back on original track, Panasonic is implementing initiatives for achieving further progress.”