LG: Layoffs Galore?
Ugly news for LG Electronics. The South Korean company has reportedly implemented massive layoffs in its mobile division in an effort to turn that business around. According to the Korea Economic Daily, LG sacked 20 to 30 percent of its overseas mobile staff, mostly in marketing and purchasing positions. But after five consecutive quarterly losses and continuing poor performance in the smartphone market, what else was it to do? Reached for comment, an LG spokesperson disputed the report saying “no decision has been made as to any job reductions.”