Panasonic prepares for "garage sale", to axe 10,000 jobs

About a fifth of Panasonic Corp's 88 business units are losing money and only half so far meet a target for at least 5 percent operating margin, the Japanese electronics group's finance chief said in an interview on Wednesday.

Hideaki Kawai said the country's biggest commercial employer will axe another 10,000 jobs by end-March as it pares its costs and looks to return to profit. Panasonic shed 36,000 jobs last business year, some through the sale of businesses.

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mushroomwig3554d ago

First Panasonic, next Sony?

Captain Tuttle3554d ago

Sony's in rough shape but Panasonic is on life support. Sony as a company is pretty broad.

fatstarr3554d ago

Sony is definitely going to cut some divisions in the nearing future. especially since their product ratings rating level has dropped.

fatstarr3554d ago

man its about time some of these companies go boom, get smaller and re think about their strategies, how much can you keep growing, I say it every week you cant expect to be in the green reach a high year one then reach a new high year 3 and then 15 years later expect to keep reaching highs, eventually you hit the top and you just cant go higher and if you manage to go higher the year after that will be an even bigger challenge.

Captain Tuttle3554d ago

I've heard that Sharp is the true basket case, like 6 months left.