Panasonic will eliminate more than 1,000 jobs in Japan by the end of the month through an early retirement program as a part of a larger structural reorganization, Nikkei reported on Friday. The news comes as the company's sales hit a record low, falling below seven trillion yen ($63 billion) for the first time in 25 years.

The voluntary retirement program will target employees who have worked for Panasonic for 10 or more years, as it prepares to transform into a holding company. The planned cut is smaller than the ones in 2009 and 2013 that removed 15,000 and 5,000 jobs, respectively, but will account for a 1% reduction of the Panasonic personnel in Japan.

The reduction in sales is attributed to the fallout from the coronavirus pandemic.