Report: Panasonic to Cut 10,000 Jobs

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Reuters is reporting today that Japanese electronics powerhouse Panasonic (NYSE: PC  ) will lay off 10,000 workers by the end of March -- more than 3% of its work force. These job losses follow on cuts of 36,000 jobs, Reuters reports, some accomplished through sales of business units, in fiscal 2011.

The company lost $9.4 billion in the fiscal year ending March 2012, and losses have accelerated as the current year progressed, with the company warning of a probable $10 billion loss this fiscal year. So far, the past year has seen Panasonic lose $17 billion over the past 12 reported months.

Panasonic CEO Kazuhiro Tsuga hopes to reverse this trend, and not just stop losing money, but achieve a $2.5 billion operating profit next fiscal year. Ultimately, Panasonic thinks it can be regularly earning 5% operating profit margins within three years. Steps aimed at reaching this goal include the above-mentioned layoffs, sales of some underperforming business units, and closures of others. Moneys raised from unit sales will be applied to paying down Panasonic's $13.5 billion debt.

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Rich Smith

I love things that go "boom." Sonic or otherwise, that means I tend to gravitate towards defense and aerospace stocks. But to tell the truth, over the course of a dozen years writing for The Motley Fool, I have covered -- and continue to cover -- everything from retailers to consumer goods stocks, and from tech to banks to insurers as well. Follow me on Twitter or Facebook for the most important developments in defense & aerospace news, and other great stories besides.

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11/24/2015 4:00 PM
PCRFY $11.59 Down -0.01 -0.04%
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