After six years of consistent losses, LG is thinking about shutting down its smartphone business.
In January, LG CEO Kwon Bong-seok reportedly sent a message to company staff saying LG’s smartphone division has to change, The Korea Herald reported. And according to an unnamed LG official, this could mean withdrawal from the smartphone business, as well as selling or downsizing the company’s mobile division.
DongA Ilbo has also reported that negotiations with Germany’s Volkswagen AG and Vietnam’s Vingroup JSC on a possible sale of the smartphone business seemed to have failed and it now looks like the electronic giant may shutter its smartphone business rather than selling it.
LG is now rumored to share its decision on the business’ fate with its employees as soon as early April.
Sources: Bloomberg, Mashable