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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

(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.

Panasonic's Director in charge of Financing and Accounting Makoto Uenoyama speaks during a press conference in Tokyo Wednesday. (AP Photo/Kyodo News)

A cyclist goes by Panasonic Center showroom in Tokyo, Japan, Monday, Feb. 2, 2009. Panasonic Corp. said today it will slash 15,000 jobs and shut down 27 plants. (AP Photo/Koji Sasahara)

Workers leave the headquarters of Panasonic Corp. in Kadoma, Japan, today. The world's largest maker of plasma display TVs said Wednesday it will slash 15,000 jobs. (AP Photo/Kyodo News)

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Panasonic Cuts 15,000 Jobs

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Panasonic Cuts 15,000 Jobs

Company cuts 15,000 jobs, closes 27 plants as it restructures

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High-tech viewing will require low-tech eyewear for at least another decade

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Newser By Users

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What is Newser?