Panasonic has announced a decision to cut 17,000 of its employees.
Japanese consumer electronics giant Panasonic has said it will cut five percent of its workforce as part of efforts to restructure and streamline the company and recover losses from Japan’s March 11 earthquake. The cuts, expected to take up to two years to complete, will reduce the company’s numbers to 350,000. Currently, Panasonic’s headcount is just shy of 367,000 people. Also on the cards is the closure of up to 20 percent of Panasonic’s manufacturing facilities.
