The bad company earnings reports do not stop to come in. Now Panasonic announced a loss of 63.1 billion yen ($707.2 million) and says to cut 15,000 employees until 2010.
15,000 employees are 5% of the global Panasonic workforce. The company also plans to close 27 manufacturing sites. Looks like most companies really did not see this coming as many report losses and have not been able to cut cost in time to stay profitable.
Via the WSJ. if you want to dig into the numbers you can get them at the Panasonic site.
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