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Panasonic downsizes employee rolls by 15,000 following brutal quarter

5 Feb 2009

In yet another sign of the worsening global recession, Japanese consumer electronics giant Panasonic More about Panasonic said Wednesday that it will lay off 15,000 employees, or 5% of its workforce, by March. Half of the job cuts will be made in Japan.

Panasonic is the second large Japanese consumer electronics company to announce massive layoffs More about layoffs in the past week. Computer maker NEC said it will slash 20,000 jobs on 30 January. Hitachi and Toshiba also recently announced significant layoffs.

Panasonic said it will close 13 factories in Japan and 14 overseas by the end of next month.

The company's restructuring announcement came on the same day Panasonic announced dismal financial results for the quarter ended 31 December 2008. The company lost 63.1 billion yen (US$706.8 million) compared with earnings of 115.2 billion yen ($1.3 billion) during the same period in 2007.

Panasonic's stock was down .25% to $12.18 in mid-day trading on Wednesday.

Read the full article here.