No matter how you slice it, 17,000 is a big
number, especially when its seventeen thousand humans looking for jobs. The layoffs represent a four-percent reduction of Panasonic's 380,000 global workforce due to restructuring efforts, according to Nikkei
. They are expected to begin this year and will mainly impact employees outside of Japan.
: Post updated to reflect the actual number of job cuts
, not the 40,000 originally quoted by Nikkei
or the 35,000 quoted by the AFP
. The cuts will come over two years. The news comes as Panasonic reported a ¥40.7 billion ($499 million) loss for quarter, largely on account of a ¥61 billion ($748 million) restructuring cost. Panny says that its bottom line was also affected by a strong Yen, stiff competition in television sales, and the recent earthquake and tsunami.