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Panasonic set to cut jobs and dispose assets in ‘garage sale’

About a fifth of Panasonic Corp’s 88 business units are losing money and only half so far meet a target for at least 5 percent operating margin, the Japanese electronics group’s finance chief said on Tuesday.

Hideaki Kawai said the country’s biggest commercial employer will axe another 10,000 jobs by end-March as it pares its costs and looks to return to profit. Panasonic shed 36,000 jobs last business year, some through the sale of businesses.

Sell-offs and business closures will start as early as next year, Kawai said at Panasonic’s headquarters in Kadoma, near Osaka in west Japan.