Panasonic has announced that 5,000 of its staff will be axed over the next three years.
The Japanese company has said those in its automotive and industrial units will fall on Panasonic’s sword as the company scales back its operations and tries to recoup huge annual losses of $7.5 billion, announced in March.
According to Channel News Asia, the company, which has already cut 20 percent of its workers will now move to slash its staff of around 111,000 people by March 2016. The move is part of an overall strategy to recover its business after a flagging year.
In March, rumours circulated that the company would further salvage its business by cutting its plasma business over the next three years.
It is thought Panasonic’s TV business, which generated sales of $10.5 billion during its peak in 2009 and 2010, accumulated less than half of that amount in 2015 and 2016.
It announced that it would end plasma TV panel production at its main plant in Amagaskai in western Japan around fiscal year 2014.
