Panasonic Cuts 15,000 Jobs

Company cuts 15,000 jobs, closes 27 plants as it restructures
By Jim O'Neill,  Newser User
Posted Feb 4, 2009 6:47 AM CST
Panasonic's Director in charge of Financing and Accounting Makoto Uenoyama speaks during a press conference in Tokyo Wednesday.   (AP Photo/Kyodo News)
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(Newser) – A strong yen and softening consumer demand is prompting Panasonic to cut 15,000 jobs, close 27 plants, and restructure as it struggles to withstand burgeoning losses, reports the Wall Street Journal. The electronics company last quarter posted a $707.2 million net loss, and experts expect the downward trend to steepen. Panasonic joins a slate of Japanese electronics companies stung by the strong yen.