Panasonic to withdraw from EU smart phone market

Leaves after less than a year in the market
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Panasonic is to pull out of the European smart phone market after less than a year of operations in the region.

According to Reuters, the vendor sells devices in Japan and the EU but has faced sluggish sales in Europe and is having problems in its domestic markets too after struggling to keep up with the release schedules of its rivals.

The restructuring has already begun, with the company closing down its manufacturing facilities in Japan and shifting production to Malaysia.

The effect of these measures will be made clear when the company releases its financial results on Wednesday.

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