South Korean electronics company LG Electronics weighed a drastic decision after losing billions of euros over the past five years.

The Korea Herald received a message from LG staff saying that the smartphone business is under the ax.

CEO Kwon Bong-seok says in a message that global competition in smartphones is getting tougher.

Therefore, LG is considering all options - including selling, discontinuing or pruning smartphone functions.

In all cases, jobs will be retained, he promises.

LG does not rank among the top five smartphone manufacturers in IDC or Gartner statistics.

Last year, a hint was made of the company’s special phone model, the side of which folds out another screen.

The device goes by the name LG Wing and it went on sale last fall.

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With these prospects, the phone may remain one of the company’s latest models.