SEOUL (Reuters) - South Korea’s LG Electronics Inc has slashed about 30 percent of overseas staff at its struggling mobile phone division as a part of broad-based reforms to turn the money-losing business around, media reported on Thursday.
The layoffs mainly involved mobile marketing and purchasing resources and the closure of some unprofitable outlets, the Korea Economic Daily said in an unsourced report, adding that the company planned similar measures for its domestic mobile business.
An LG spokesman said the report was speculation and said the company did not comment on market rumors.
LG, the world No.3 handset maker, has recorded five consecutive quarterly losses from mobile phone sales, with cutthroat competition pressuring the company to overhaul its business.
Reporting by Miyoung Kim; Editing by Chris Lewis