LG Electronics may close down smartphone business

LG Electronics Inc. may shutter its mobile communication business rather than sell it, Report informs referring to Bloomberg.

Negotiations with Germany’s Volkswagen AG and Vietnam’s Vingroup JSC on the possible sale of the smartphone business seemed to have failed, DongA Ilbo reported, citing an unidentified person in the electronics industry.

LG Electronics’ CEO said in January that all options were on the table for the loss-making operation.

In February, the company was said to have halted the development of phones with a rollable display, and DongA said on Sunday that LG has shelved a planned first-half rollout of all new smartphones.

LG may share its decision on the business’ fate with employees as soon as early April, the DongA said.