Panasonic to Eliminate 15,000 Jobs, Close 27 Factories
In the face of a $4.3 billion loss for the year, Panasonic announced it will cut 15,000 jobs over the next year due to the economic downturn. Panasonic said its sales dropped off sharply in the fourth quarter, down 20 percent compared to the previous year. Panasonic experienced a perfect storm of decreased consumer spending, higher raw material prices and a stronger yen. Along with the job cuts Panasonic will also be closing 27 plants worldwide, including 13 in Japan.