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LG denies mobile business layoffs

Updated Dec 19th, 2018 7:28PM EST

On Thursday, reports surfaced suggesting LG was laying off 30% of its mobile business workers overseas. The firm denied the rumors on Friday, however, stating “We are always looking at opportunities to improve the performance of our mobile business but no decision has been made as to any job reductions,” according to Reuters. Korea Economic Daily said on Thursday that LG was letting go of 30% of its mobile employees in an attempt to turn around its struggling mobile business, and LG said the report was simply “speculation.” The article also said the Korean-based company had plans to begin domestic layoffs in the near future.