LG Electronics Inc. may close its mobile communications business instead of selling it, DongA Ilbo reports, citing an unidentified person in the electronics industry.
Negotiations with Germany’s Volkswagen AG and Vietnam’s Vingroup JSC over a possible sale of the smartphone business appeared to have failed, according to the report.
The CEO of LG Electronics said in January that all options were on the table for the loss-making operation.
The company was said to have halted development of phones with a roll-up display last month, and DongA said on Sunday that LG has shelved a planned first-half launch of all new smartphones.
LG may share its decision on the company’s fate with employees in early April, according to DongA’s report.