Panasonic: The 12,000-Job “Turnaround” Strategy

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• February 26, 2026
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February 24–26, 2026-Panasonic Holdings Corporation has confirmed a sweeping global restructuring plan that signals the end of an era for the Japanese giant as a solo TV manufacturer.

The Workforce Reduction

Panasonic is moving to cut approximately 12,000 jobs globally, roughly 4–5% of its total workforce.

• Target Areas: The layoffs will primarily impact back-office, administrative, and indirect sales departments rather than manufacturing plants.
• Global Impact: Reductions are split between domestic operations in Japan and international hubs, including North America and Europe.
• Cost: The company expects to incur a one-time restructuring cost of ¥130 billion (approx. $895 million).

The Skyworth Partnership

In a landmark move, Panasonic has signed a comprehensive agreement with China’s Skyworth Group. Starting April 2026, Skyworth will take over the manufacturing, sales, marketing, and logistics for Panasonic-branded TVs in North America and Europe.

• Brand Identity: TVs will still carry the “Panasonic” name and use Panasonic’s proprietary picture-tuning technologies.
• Premium Focus: Panasonic will shift its internal focus to R&D and quality assurance, specifically co-developing high-end OLED models (using LG’s Tandem WOLED technology) with Skyworth.
• Market Exit: This effectively marks Panasonic’s withdrawal from the highly competitive Western hardware market, following similar moves by Sony (partnering with TCL) and Toshiba (sold to Hisense).

Aakash Educational: Revenue Flat, Losses Skyrocket

Aakash Educational Services Limited (AESL) released its FY24 financial results this week, revealing the deep scars left by its association with its insolvent parent company, Think & Learn (Byju’s).

The Financial Breakdown

Why the Massive Loss?

The operational side of Aakash remains relatively healthy, with an EBITDA of ₹307 crore. However, the bottom line was decimated by ₹2,720 crore in exceptional charges:

1. Bad Debt: Aakash wrote off over ₹780 crore in loans it had extended to Byju’s.
2. Interest Obligations: Nearly ₹1,363 crore was accounted for as interest and loan obligations linked to the parent company’s debt.
3. Termination Fees: A ₹100 crore charge was incurred after ending a service agreement with Think & Learn.

Ownership Shift and Legal Battles

The Manipal Group (led by Ranjan Pai) has now officially become the largest shareholder with a 58.8% stake after converting debt to equity and participating in a recent rights issue.

Dilution: This ruling is expected to dilute Byju’s remaining stake in Aakash to below 5%, effectively ending its control over the coaching institute.

Supreme Court Ruling: Just this week, the Supreme Court rejected Byju’s attempt to block a further ₹240 crore rights issue by Aakash.