Panasonic Holdings Corp. said Friday it will lay off 10,000 domestic and overseas employees, or just under 5 percent of its total workforce, as part of restructuring its business.

Axar.az reports, citing Kyodo news,the firm said the job cuts will target 5,000 workers in Japan and 5,000 overseas, with some employees to be offered early retirement. As of March, Panasonic had a workforce of 207,548 people.

After recording a 130 billion yen ($895 million) restructuring charge, the electronics maker is seeking to streamline its workforce.

"Responsibility for management lies with me," President Yuki Kusumi said in an online press conference. "I feel very ashamed."

Kusumi added that he would strive to "build an organization in which every employee is highly productive," while also revealing that he would return approximately 40 percent of his compensation.

According to earnings results for the fiscal year ended March, net profit fell 17.5 percent to 366.21 billion yen on sales of 8.46 trillion yen, down 0.5 percent.

Panasonic said it expects net profit to drop 15.3 percent in the year ending next March and sales to decrease 7.8 percent.

Through the reforms, it aims to improve earnings by more than 300 billion yen in fiscal 2028.

Panasonic first carried out layoffs in 2001, when it was still named Matsushita Electric Industrial Co., offering early retirement to around 13,000 employees in response to a worsening business performance following the bursting of the information technology bubble.

Subsequent restructuring efforts helped the firm turn around its business.