Panasonic cuts 15,000 jobs, forecasts $4.2bn loss

Japanese electronics firm Panasonic plans to cut 15,000 jobs and has forecast a 380 billion yen ($4.2 billion) annual loss.


As part of the cutbacks Panasonic intends to shut down 27 manufacturing plants, Reuters has reported.


Nine-month income fell 70% to 65.4 billion yen on 9% lower sales of 6.2 trillion yen.


The company is struggling with slowing demand amid the economic crisis, and the strong value of the Japanese yen is eating away at its overseas earnings.


Panasonic had previously been expecting profit of around 30 billion yen ($335 million).


For the quarter ending in December, Panasonic posted a 63.1 billion yen ($704.7 million) loss. Group-wide sales slumped 20% group-wide to 2.34 trillion yen, with overseas sales falling 29% to 856.5 billion yen.