Panasonic to cut 15,000 jobs worldwide

Panasonic to cut 15,000 jobs worldwide

Japanese consumer electronics manufacturer Panasonic has announced that they are now going to cut around 15000 jobs in their global operations.

Panasonic is also planning to close down 27 plants worldwide to cut costs as the market situations are not improving.

The company has posted a 63.1 billion yen net loss for the fiscal third quarter.

They have also now slashed its forecast for the fiscal year through March.

Panasonic said that half of these job cuts would be made in their home market of japan.

These job cuts amount to about 5 percent of its 300,000-strong global work force.

The company added in a statement on the new developments: “The company’s business conditions have worsened particularly since last October, due mainly to the rapid appreciation of the yen, sluggish consumer spending worldwide and ever intensified price competition”.