Panasonic to Slash 10,000 Jobs, 4% of Workforce, with $895 Million in Restructuring Costs
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Panasonic Holdings Corp. announced plans to cut 10,000 jobs globally, affecting both domestic and overseas employees, as part of a major restructuring effort. The layoffs, which represent about 4% of the company's workforce, will target 5,000 positions in Japan and another 5,000 abroad. The company, a supplier to Tesla, will offer early retirement to some employees.
The restructuring is aimed at boosting efficiency and profitability, with the company planning to review operational efficiency primarily in sales and indirect departments. Panasonic also intends to close down unprofitable businesses and consolidate sites to optimize its global headcount.
The job cuts are expected to incur restructuring costs of approximately $895 million in the current fiscal year. Panasonic's President, Yuki Kusumi, who will take a 40% pay cut this year, expressed regret over the layoffs, stating, 'Employment cuts are a heavy decision, made to ensure sustainable growth over the next decade.'
In the fiscal year ending March 2026, Panasonic anticipates a decline in net profit by 15.3% to 3100 billion yen and a 7.8% decrease in sales to 7.8 trillion yen. The company did not factor in the impact of U.S. tariffs in these projections.
Japan's Panasonic says it will cut 10,000 jobs, including 5,000 roles overseas, and book ~$895M in restructuring charges in the current fiscal year (@meiyume / Bloomberg)
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Panasonic HD personnel reduction on the scale of 10,000 people President Kusumi took management responsibility and returned 40% of this fiscal year's remuneration https://t.co/Z92HmKHPq7
