Japanese electronics company, Panasonic, announced today that it will eliminate 15,000 jobs and close factories both in Japan and abroad in an effort to decrease expenses. The firm also revised their outlook for the year, now expecting a $380 billion net loss instead of the profit predicted earlier. To blame is the sharp and very fast slump in sales, forcing Panasonic and other companies to revise expectations from those made just weeks ago. The result is the sweeping layoffs seen throughout the electronics industry as of late, particularly as forecasts for 2009 remain grim. Japanese companies such as Panasonic have been particularly sensitive to demand decrease because of the Yen's strength relative to the dollar.
See "Panasonic to Cut 15,000 Jobs", Bettina Wassener, The New York Times, February 3, 2009