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LG Electronics reportedly cuts overseas staff

A local newspaper reports that the electronics giant's struggling mobile phone unit is laying off workers.

LG Electronics of South Korea is cutting between 20 percent and 30 percent of its overseas staff in its mobile phone unit and is planning similar measures domestically, according to a report in the Korea Economic Daily.

The handset manufacturer, which is struggling to recover from five consecutive quarters of losses, is closing some unprofitable units and laying off staff primarily in marketing and purchasing, said the article, which was picked up by Reuters.

An LG representative declined to confirm the report, telling Reuters that the company does not comment on market rumors. Representatives from LG Electronics in the United States did not return phone calls or an e-mail seeking comment late today.