LG looking to shut shop, unable to find buyers

LG is reportedly shutting its shop when it comes to its smartphone segment "including the sale, withdrawal, and downsizing." In the last five years, the company has faced severe losses in the shipments of smartphones.

Reportedly,  LG was said to be in talks with Vingroup as well as Volkswagen as potential buyers for the company’s mobile business. However, there were no fruitful negotiations from both sides as the asking price was just too high.

Therefore, LG is said to be looking at an option just closing down its smartphone business instead of selling it.

According to a Korea Herald report, quoting a source, revealed, “LG reportedly had talks with others over the sale of the unit but apparently there was not much progress in their negotiations. It seems that selling its entire mobile business appears to be difficult at this moment, as is the partial sale of the unit.”

This is part of the company's restructuring plan as it found no takers of its smartphone business and therefore, it has decided to shut shop.