Taiwanese manufacturer HTC has closed its South Korean office as it looks to cut costs in the face of diminishing sales.
HTC has struggled to shift handsets in Korea, the home of close rivals Samsung and LG, and the firm told TechRadar, "Last week's announcement is a decisive action by HTC to streamline and optimise our organisation and improve efficiencies after several years of aggressive growth.
"This is a hard decision that has direct impact on people who have contributed to the growth HTC has experienced the past several years.
Article continues below
"However, to achieve our long-term goals as a business and return maximum value to our shareholders, these are necessary steps to drive ongoing innovation, ensure our ability to create strong products like the HTC One, and forge strong customer relationships that solidify our future."
One percent share
According to analysts, HTC only had a two percent market share in South Korea in 2011, which dropped to one per cent this year.
This is similar to what happened in Brazil, as HTC closed its main office in the country after seeing its market share drop below one per cent.
HTC has been left trailing - although it experienced success with the likes of the Desire and Sensation ranges, the decent One range has failed to get the level of traction HTC had hoped for.