Panasonic Continuing TV business, Chairman Resigns

PanasonicOn Thursday, Panasonic stated that the company will carry on its money loosing Television business and considering the worst situation, Panasonic will go for an exit from the crucially competitive TV market as a “last resort.”

In coming June Current Chairman, Fumio Ohtsubo will step down ahead of schedule taking full responsibilities for the company’s awful financial performance over the years.

Kazuhiro Tsuga, president of Panasonic promised change in strategies for the new fiscal year beginning next month to ensure profitability over the couple of years.

Panasonic Corp., the Osaka based Japanese tech giant is expecting a loss counting 765 billion yen in the current fiscal year. The company’s highest red ink marking 772 billion yen is recorded in the previous fiscal year, one of the biggest losses recorded in Japan Inc. history.

For upcoming fiscal year, Panasonic aims to make a net profit of 50 billion yen and hoping to reach 350 billion yen in the next 2 years after major restructuring process and elimination of unprofitable businesses.

When asked about the TV business, Tsuga said that their first target is to stop loosing money. Also, he stated that eliminating the TV venture is considered as last resort, but if crucially needed, Panasonic will get out.

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