Once hailed as "the king of home appliances," the television has become a headache for Japanese electronics makers, which have been forced to shift their business strategies.
On Monday, Panasonic Corp., known for its Viera brand TV sets, said it will scale down its money-losing television business by reducing and consolidating production of plasma display panels and liquid crystal display panels.
"TVs remain an important product, but we have not been able to profit from them," Panasonic President Fumio Otsubo said during a news conference, citing multiple factors, including the strong yen and declining prices, behind the structural reform.