Korean Daewoo will implement a restructuring plan, of which around 40% of workforce, or 1,000-1,200 employees, will be shed, the Chosun Ilbo reported on March 23. As part of the plan, the company will terminate its under-performing TV and air-conditioning businesses and retain the profit sectors. Meanwhile, the company also plans to sell its plants located in Incheon, Gyeonggi Province, and Gumi, North Gyeongsang Province, according to the Korea Times. Before its massive restructuring plan, Daewoo was in talks with LG and Samsung regarding possible forms of cooperation, but nothing concrete was achieved, according to the same source.