Panasonic Eyes Mass Layoffs

(Ping! Zine Web Tech Magazine) – Thousands of jobs at popular electronics manufacturer Panasonic could be on the chopping block after the company posted record losses earlier this month, according to a Monday report from the Wall Street Journal.

Pansonic is especially notable for its line of devices including digital cameras, video recorders and plasma televisions. Possible cuts would affect the company’s headquarters in Osaka, Japan. There, the work force might be halved, bringing it down to around 3,500.

The company disclosed earlier this month a $5.49 billion dollar loss during its fourth quarter. Cuts may be a direct result of restructuring under new company leadership from Panasonic president-elect Kazuhiro Tsuga.

“This is an indication that the new management is seriously pushing forward with restructuring and no exceptions can be made,” commented an unnamed source in the Wall Street Journal’s report.

Today the company represents one of Japan’s most vital electronics providers along with Sony. Despite widespread device popularity, Pansonic has struggled as of late with its television offerings. However, it’s just among other companies looking to make significant cuts. Earlier this month, HP announced its intention to cut its 27 thousand jobs from its work force by the year 2014.