As consumer electronics retailers continue to slash the price of TV's in Australia Panasonic has confirmed that they are restructuring their loss making TV business with the closure of factories and imore than 1,000 job cuts.
According to the Tokyo Times Panasonic is facing millions in losses from their plasma and LCD TV business despite several reviewers still picking a Panasonic plasma TV as the best TV in the world today. Ironically the same reviewers also picked the Pioneer Kurro as the best TV. This business was sold to Panasonic with Pioneer reporting hundreds of millions in losses prior to the sale.
Panasonic has said that production of plasma panels at its plant in Amagasaki, will be halted by next March. Panasonic is also planning to sell its LCD display panel in Mobara.
A spoksperson for the Japanese Company said "It is true that our TV segment has seen losses in the past several years. We have been saying we wished to make efforts to turn things around," a Panasonic spokesman said. "There are many items under consideration, but we have nothing that we can discuss at this point," he added.