Panasonic to cut 10,000 jobs by March 2013
Despite cutting 36,000 jobs last year, Panasonic's CFO has stated another 10,000 employees will be shown the door by March 2013
The globally recognised Japanese electronics giant has around 88 business units under its substantial umbrella - with about a fifth of these badly losing money.
Panasonic estimates facing a $10 billion annual loss in the year to March 2013.
In an interview with Reuters, chief financial officer Hideaki Kawai said sell-offs and business closures will start early next year in an attempt to turn the loss around.
He said the aim is to turn the annual loss into a $2.52 billion operating profit in the year ending March 2014.
"Our new boss [Kazuhiro Tsuga - who took the helm in June] has said businesses must achieve at least a 5 percent operating profit target within three years," he said. “But we won't wait that long to tackle units that need to be dealt with."
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