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Major Electronics Company Pulls Popular Global Product Off Shelves

tradingfxdaily by tradingfxdaily
January 14, 2023
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Major Electronics Company Pulls Popular Global Product Off Shelves
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LG Electronics is recalling 52,000 of its 86-inch smart televisions and stands due to a risk of tip-overs and entrapments, federal regulators said.

The televisions can become unstable while on the assembled stand, posing serious tip-over and entrapment hazards that can result in injuries or death to children and others, the U.S. Consumer Product Safety Commission said in a Jan. 12 filing.

The South Korea-headquartered LG Electronics has received 22 reports of TV stand instability, resulting in 12 reports of tip-overs. No injuries have been reported.

Consumers using the TV’s supporting stand legs should immediately detach it and place the television in a safe location away from children.

The CPSC advised consumers to contact LG Electronics for instructions on how to inspect the unit and to obtain replacement screws and stand parts, including help from a technician for a free repair.

Consumers who have wall-mounted their TVs do not need to stop using their TVs.

TVs Sold by Major Outlets

The recall covers about 52,000 TVs. In addition, CPSC said about 1,800 were sold in Canada and about 2,900 were sold in Mexico.

The recall involves four LG Electronics 86-inch smart TV models with model numbers 86UQ8000AUB, 86UQ7070ZUD, 86UQ7590PUD, and 86NANO75UQA. 

The TVs, not including the stands, are 86-inches diagonally, 43.5-inches high, 76-inches wide, and 2.4-inches deep. They weigh about 100 pounds. 

The serial number of the recalled product begins with 202RM, 203RM, 204RM, 205RM, 206RM, 207RM, or 208RM and is located at the bottom right of the back of the TV, along with the model number.

Consumers can also check the serial number by pressing the mute button, three times rapidly, on the original LG remote control provided with their TV.

The TVs were sold at Walmart  (WMT) – Get Free Report, Best Buy  (BBY) – Get Free Report, Costco  (COST) – Get Free Report and other stores nationwide and online at Amazon.com, Walmart.com, Bestbuy.com and Costco.com from March 2022 through September 2022 for between $1,100 and $1,900.

The TVS were manufactured by LG Electronics Reynosa, S.A. de C.V., of Reynosa, Mexico and imported by LG Electronics U.S.A. Inc., of Englewood Cliffs, New Jersey

Consumer may contact LG by texting “STAND” to 256-888-9977 or call at 800-243-0000 from 8 a.m. to 9 p.m. ET Monday through Sunday, email at 86inchTVstand@lge.com or online at www.lgecares.com/tvstand or at www.lg.com and click on “Public Notices and Recalls” on the bottom of the page for more information.

Last year, LG Electronics announced it was adding cryptocurrency and blockchain to its business portfolio, expanding beyond home appliances, wearable devices, home theater systems, computer monitors and other goods.

The company said it would aim to develop and sell “blockchain-based software” and get involved in “the sale and brokerage of cryptocurrency,” sparking speculation that LG Electronics might someday establish a cryptocurrency exchange. 

On Jan. 4 the cloud technology company Oorbit said it had partnered with LG Electronics to bring interoperable gaming and social experiences directly to LG Smart TVs.

In an interoperable metaverse, a consumer’s identity and ability to engage in commerce are as seamless as in the real world. 

LG Electronics reported a sharp drop in fourth-quarter earnings on Jan. 6, with operating dropping 91.2% from a year ago. 

Rising raw material prices and weakening Korean currency were among the reasons cited for the results.



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