On the heels of Sony and Sharp announcing big financial losses this past year, Panasonic has also announced that they have lost $10 Billion dollars. Panasonic officials point to continued price erosion in TVs, as well as the recent floods in Thailand, as major factors in its financial misfortune, and the Japan earthquake and tsunami didn't help either. Also, Panasonic spent a large sum to aquire Sanyo.
As a result of all these factors, Panasonic is pursuing an austerity program that includes the closure of two TV plants in Japan, as well as reorganizing some of their other divisions. For more details, read the report from Bloomberg News/Business Week.
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