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Panasonic considers selling main building in Tokyo: Report

Published on Dec 8, 2012 2:04 PM
A man is reflected in a sign at Panasonic Corp's showroom in Tokyo on Nov 14, 2012. -- PHOTO: REUTERS

TOKYO (REUTERS) - Panasonic is considering selling its main building in Tokyo by the end of March 2013, the Asahi newspaper said on Saturday, in an effort to secure funds as it struggles against heavy losses.

Panasonic, which is based in Osaka, western Japan, has warned it will post a net loss of close to US$10 billion (S$12 billion) in the year to March 31, as it writes off billions of yen in tax-deferred assets and goodwill related to its mobile phone, solar panel and small lithium battery businesses.

Panasonic, Japan's biggest commercial employer, is in talks with financial institutions, the Asahi report said. If it sells the building, Panasonic plans to lease offices there, it said.

About 2,000 employees work at the building, which was built in 2003 with cutting edge, energy-saving technology, Asahi said.

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