[Update] Panasonic Might Abandon Europe Altogether

We already know that Panasonic isn't doing so well, what with all the thousands of job cuts and financial losses. What we did not know was the severity of the effect on the European operations.

Based on a certain report, the company might repeat something it did back in 2005.

Some may not know, but the company left the European market because of tough competition, intending to return in fiscal year 2011.

True to form, it did just that, although the incongruity between calendar and fiscal year made everything happen in March 2012.

Now, Panasonic might leave Europe for good. After reaching the conclusion that it will never sell as many phones as it wants (1.5 million), the company is thinking of withdrawing from Europe, possibly forever, by March 31, 2013.

Poor sales in other departments helped this decision.

More Coverage: Reuters.

Update: It turns out Panasonic is only thinking of pulling its Mobile Division from Europe, not everyting else.