TOKYO — Panasonic Holdings will undertake a major restructuring across a range of its business, including consumer electronics, cutting 10,000 jobs globally, as the Japanese company plans to streamline, spinning out struggling divisions in hopes of reversing its dwindling market share and fending off fierce Chinese competition.
Panasonic announced a restructuring plan on Friday, saying it will cut around 10,000 jobs mainly in the fiscal year ending March 2026, consolidating its sales and back offices, shrinking or scrapping underperforming businesses, and offering early retirement to employees in its domestic group companies. The announcement did not say which business the company intends to shrink.
