According to the Korea Herald , LG CEO Kwon Bong-seok sent out an internal memo to staff on Wednesday, hinting at a change in direction for LG's phone business.

Now there is an official statement from the company stating that competition in the global market for mobile devices is getting fiercer, it is about time for LG to make a cold judgment and the best choice.

"The company is considering all possible measures, including sale, withdrawal and downsizing of the smartphone business."

LG confirmed the internal memo was genuine and said that nothing has been decided yet.

"LG Electronics management is committed to making whatever decision is necessary to resolve its mobile business challenges in 2021", said an LG spokesperson. "As of today, nothing has been finalised."