flickr- Håkan Dahlström
Electronics giant Panasonic Corp is set to axe 10,000 more jobs on top of the 36,000 layoffs announced last business year.
In a November interview, Panasonic's finance chief Hideaki Kawai revealed only half of the company's business units were meeting a 5 per cent operating margin target. The company expects to have lost close to $10 billion in revenue by March.
"Panasonic's debt holders are concerned and it is critical for us to improve our finances", Kawai concluded.
On top of the job cuts, Kawai said Panasonic's 88 business units would start seeing sell-offs and business closures starting in early 2013.
Japan's biggest commercial employer was founded in 1918 as a manufacturer of electrical socket extensions and bicycle lamps.