LG Electronics to No Longer Make Mobile Phones

There is now one less major mobile phone manufacturer:

LG Electronics said Monday it will withdraw from the mobile business after years of money-losing performance amid intensifying competition with bigger rivals. 

The South Korean tech powerhouse said in a regulatory filing that its mobile communications (MC) unit will no longer produce and sell handsets after July 31, citing its long slump and fierce competition in the industry. 

Korea Times

You can read more at the link, but according to the article LG Electronics has accumulated $4.4 billion in debt from the lack of mobile phone sales.