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Panasonic Considers Staff Cuts At Headquarters

29 May 2012 13:25 (UTC +04:00)

Baku - APA-Economics. Panasonic Corp. (6752.TO) is considering cutting staff at its headquarters in Osaka, Japan, as the struggling electronics giant tries to streamline its business after posting a record loss last fiscal year, a person familiar with the matter said Tuesday.

The number of people at the headquarters, currently around 7,000, could be halved, the person said. While the cuts will likely involve early retirement, some people may move to other departments, the person added.

Panasonic has previously announced group-wide job cuts but its headquarters has so far been largely exempt. Under new president-elect Kazuhiro Tsuga--selected in February and scheduled to take the helm in June--the company has been seeking ways to cut costs and recover from a massive Y772.1 billion ($9.7 billion) net loss in the fiscal year ended March 31. For the current fiscal year through March 2013, Panasonic expects a net profit of Y50 billion.