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Panasonic eyes major layoffs at headquarters

According to a new report, the company could cut staff at its headquarters in Osaka, Japan, by half.

Panasonic's troubles have been well-documented over the last several quarters, but now the company could be planning to lay off employees at its headquarters in Osaka, Japan, according to a report.

Panasonic currently employs about 7,000 people at its headquarters, but if recent claims are true, that figure could soon drop to 3,500, according to the Wall Street Journal, citing sources. The Journal's sources say that the layoffs will include early retirement, and some employees might be moved to other divisions.

Last month, Panasonic outlined plans to reorganize its operation by cutting down its current five divisions to three. The company's management believes making the operation more agile should help it put "customers' perspectives in the center."

As part of that reorganization, Panasonic said that it expected to reduce its workforce to 350,000 employees.

According to the Journal, its sources say that Panasonic will hold talks with labor "as early as July," and hopes to come to a full solution on handling its employees by the fall.