When your business has been operating at a net loss for the past six years, there are few ways you can go about staying afloat. In the case of LG Mobile, shutting down all further efforts now seems like the most likely scenario. A new report from The Korea Times citing industry sources claims LG will confirm its exit from the smartphone market as early as next week.
The report specifies that an official announcement will be made next week, April 5 after the LG board meeting decides the fate of the mobile division for good. Just last week LG reportedly went after negotiations to sell off its mobile division which ultimately failed to materialize.
An LG Electronics official commented that the company is considering several strategies for its mobile business including selling off the entire division as well as a split sale and pulling out of the smartphone business entirely. In addition, rumors that LG Mobile employees will be relocated to the home appliances division began circulating on Twitter just a few days ago.
For now, all we can do is wait patiently for Monday’s board meeting to get the official stance on LG Mobile’s future.