Report: Panasonic to Axe Jobs at Japanese Headquarters

By FOXBusiness

Panasonic (NYSE:PC) is reportedly considering chopping jobs at its headquarters in Osaka, Japan, as it struggles to turn around the company and cut expenses following a record net loss last year.

The TV maker’s slimdown would be on top of 17,000 layoffs announced in February, according to Reuters, citing a source close to the matter. The company had announced earlier this year that is planned to slash its worldwide payroll to below 350,000 from 367,000.

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Head count at the headquarters, currently around 7,000, could be halved in the latest round, a source told Dow Jones Newswires.

While the layoffs will likely include early retirement and other redundancies, several people are expected to be shuffled to other departments within Panasonic.

The move would follow a 772 billion yen loss for the year ended March 31.

Panasonic’s new chief executive, Kazuo Kirari, has announced plans to cut jobs in an effort to streamline the business that has been weighed down by its hobbled TV group.

The company could not be immediately reached for a comment on this story.