Panasonic has announced plans to cut 15,000 jobs and close 27 plants worldwide, due to slow demand for consumer electronics.

The company expects to post a $4.2 billion loss in the financial year ending March 31. Due to mounting losses caused by the strong yen and the slowing economy, Panasonic will embark on a restructuring process which will affect about 5 percent of its workforce.

The outfit expects it will cut cost by 100 billion yen over the next financial year. Other Japanese electronics giants are also expected to announce significant losses.

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