Seems like life may not be so good for “Lucky Goldstar” anymore.
Back in January we posted about a rumor that LG was getting out of the smart phone business. And we posted this quote from Ken Hong, LG’s “global communicator” for consumer tech:
Completely false and without merit. I won’t even justify that rumor with a statement.
Looks like Ken has a future as an NFL GM approaching draft day. It looks like he “bluffed.”
Multiple sources are now saying it’s more than likely that LG WILL stop manufacturing smartphones later this year. Apparently they’ve been looking for a company to buy that business segment – without success. And, with LG providing Boost stores with a large part of their sales, the door is wide open for another.
LG has lost $4.5 billion in smartphones over the last 5 years.
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.
With LG’s internal restructuring plan now reaching its conclusion and no buyer having been found, the company is said to be leaning toward cutting its losses by closing the smartphone division fully.
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