Panasonic is to cut 15,000 jobs and close 27 manufacturing plants, after it was revealed the firm expects to make a £2.9 billion loss for the year.
It will be the first time the firm has made a loss in three years.
The 15,000 figure represents five per cent of the firm’s total work force. Apparently, roughly half of the cuts will take place in Japan and half in the rest of the world, according to the BBC. The whole process will be completed by next year.
“Sales fell in all our business segments in the third quarter to the end of December,” said Panasonic director Makoto Uenoyama. “We expect sharper sales declines in this quarter, and profits are likely to shrink in every segment."