Japanese corporation Panasonic Holdings has announced a large-scale restructuring plan, which includes cutting around 10,000 jobs. The news was reported by Japanese media citing a statement from the company.
According to NHK, approximately 5,000 jobs will be eliminated in Japan and another 5,000 overseas. The layoffs will mainly affect sales and administrative departments. Business publication Nikkei notes that the majority of the cuts are expected to take place by the end of the fiscal period ending in March 2026.
As of March 2024, Panasonic Group employed around 228,000 people worldwide, meaning the reduction will affect about 4% of its global workforce.
As part of the restructuring, Panasonic also plans to dissolve its namesake subsidiary responsible for home appliances, air conditioning, and lighting systems. Its operations will be split among several new business units.
Panasonic Holdings CEO Yuki Kusumi stated that the decision to cut staff was a difficult one and that he takes full responsibility for it. He also announced plans to reduce his fiscal year-end bonus by 40%.
In addition, the company is reportedly considering selling or exiting its unprofitable television business.
