Panasonic Layoffs: Another Dismal Day

The harsh reality of the recession lingers on.

Panasonic Layoffs

Today, Panasonic, the world’s biggest electronics maker, announced that it will layoff about 15,000 people.  The company also predicted its first loss in six years as the worsening economy shrinks demand for things like TV's and cameras.

Panasonic now joins Sony in laying off thousands of people and reducing overhead as consumer spending drops around the world.

The company, based in Osaka, Japan, also lowered its revenue forecast by 8.8 percent.

“Earnings have just been atrocious all around, while the massive scale and rapidity by which profits have evaporated is surprising,” said Naoteru Teraoka, who oversees $21 billion at Chuo Mitsui Asset Management Co. in Tokyo.

“There’s no way to make up for the harsh environment simply by restructuring.”

I guess LaidOffCamp may get a few more members.

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