Panasonic Losing Billions, Cutting Back

The slowdown in HDTV growth caused by the recession has hit all of the manufacturers, with Panasonic today becoming the latest to forecast a multi-billion dollar loss for this fiscal year that will result in a reorg with job cuts. All told, about 15,000 employees will be laid off and 27 plants shuttered across the globe. Panasonic expects a $4.3 billion loss for the fiscal year ending March 31st.