Saturday, 23 September, 2017

Luxury phone brand Vertu shuts down

Bulgaria Company for Luxury Smartphones Bankrupted Send to Kindle
Preston Stone | 15 July, 2017, 05:08

British luxury phone maker Vertu has gone into liquidation, resulting in the loss of almost 200 jobs, it has been revealed.

Vertu made Luxury smartphone with a high price and entry level models starts at £11,000 and went up to £39,000.

Vertu has announced that it will stop manufacturing products as liquidation of its assets begin-a move that will leave 200 employees jobless.

United Kingdom smartphone firm Vertu, which made luxury handsets worth thousands of pounds, has gone bankrupt after piling up debts of £128 million ($165 million). However, as it now stands, if you want to drop $50,000 on a smartphone purchase, you could just buy 385 Motorola Moto E4 phones that can probably do as much (if not more) than a Vertu could.

Dying Army veteran has one final wish - to talk to you
And even though Lee Hernandez is in a tough spot, Ernestine said that he's "beaten the odds and his strong will keeps him going". Since then, Ernestine Hernandez says her husband has received an influx of calls and text messages of support.

Recent troubles at Vertu began with the takeover by Turkish exile and businessman Hakan Uzan, who promised to rescue the company from bankruptcy. Their owners have voiced their intent to retain Vertu's technology, branding and licenses to hopefully resurrect the company in a few years.

According to Ian Fogg, an analyst at IHS Technology, the fall of Vertu has something to do with the brand using synthetic sapphire for its screens and the rise of other companies offering customized phone services. The handsets, at times branded by the likes of Ferrari, were kitted with jewel and rare metal casings.

Vertu was founded by Nokia in 1998 with the goal of building high-end devices for the rich and famous, such as the £10,700 "Vertu for Bentley" and the £14,300 Signature Touch Pure Jet Red Gold.

The new owner bought the company for 1.9 million GBP (about $2.46 million) but unfortunately came with a 128 million GBP ($166 million) accounting deficit.

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