Panasonic to cut 10,000 jobs in global restructuring plan

Panasonic Holdings said Friday it will slash 10,000 jobs globally by March 2026 as part of a sweeping restructuring effort aimed at boosting efficiency and cutting losses.

The Japanese electronics giant plans to eliminate 5,000 positions in Japan and another 5,000 abroad, focusing primarily on roles in sales and administrative departments.

"The Company will thoroughly review operational efficiency at each Group company, mainly in sales and indirect departments, and reevaluate the numbers of organizations and personnel actually needed," Panasonic said in a statement.

The restructuring comes as part of a broader management reform strategy to stem losses and improve profitability. As part of this effort, Panasonic said it will also shut down or consolidate unprofitable business units and facilities that show no signs of recovery.

"In addition, the Company will promote the termination of loss-making businesses with no prospect of improving profit, as well as the integration and closing of sites," the statement added.

The cuts are expected to be implemented largely during the fiscal year ending in March 2026 and will comply with the labor laws and regulations of each country where layoffs occur.

Panasonic estimates the total financial impact of the reform, including personnel reduction, to be a loss of 130 billion yen (approximately $895 million).