Panasonic to Eliminate 15,000 Jobs, Close Plants


Japanese electronics maker Panasonic Corp. is slated to eliminate 15,000 jobs and close dozens of plants in an effort to cope with the global economic crisis. Panasonic director Makoto Uenoyama expects 20% of its worldwide outlets to close.

Panasonic is expecting a net loss of $4.2 billion USD this financial year to March and could experience an even worse fiscal year to come as people cut back spending on plasma televisions, cell phones, digital cameras and other Panasonic products.

Panasonic is far from being the only Japanese electronics maker affected by the global recession. Sony, Toshiba, NEC, Hitachi and Fujitsu have all reported losses due to the economy and nearly all have announced similar job cuts across the board.