Intel AMA
Intel AMA

Vertu is shutting down, after a failed attempt at overcoming bankruptcy

By Digit NewsDesk | Published on 14 Jul 2017
HIGHLIGHTS
  • Vertu started as the luxury arm for Nokia, but has been widely known for its own luxury and bling-y phones.

Vertu is shutting down, after a failed attempt at overcoming bankruptcy

British luxury phone maker Vertu is calling it quits. The company is reportedly shutting down its manufacturing arm in the United Kingdom, leaving 200 employees jobless. The company began back in 1998, as the luxury arm for Nokia, which was at its best at the time. Vertu was eventually sold off to a private equity group, which allowed the company to manufacture, sell and market its phones without Nokia’s involvement.

According to reports, Vertu has been in financial turmoil for a while, with about $165.4 million in debt. Turkish businessman, Hakan Uzan, who purchased the company in 2015, apparently offered to pay creditors $2.4 million from the total owed amount. That, though wasn’t enough to save Vertu from bankruptcy. A spokesperson has confirmed that it is currently under liquidation, and about 200 employees will be left without a job.

Further, reports say that Turkish Uzan still wants to revive the company, sometime in the future, although there’s no confirmation on when that will happen, or indeed if at all it will be possible. It seems Vertu is done with its business for all intents and purposes, so this would be the end of its blingy diamond-laden phones. 

Digit NewsDesk
Digit NewsDesk

Email Email Digit NewsDesk

Follow Us Facebook Logo Facebook Logo Facebook Logo

About Me: Digit News Desk writes news stories across a range of topics. Getting you news updates on the latest in the world of tech. Read More

Tags:
Vertu Nokia Vertu phones Vertu smartphones
Advertisements

Trending Articles

Advertisements

LATEST ARTICLES View All

Advertisements

Hot Deals View All

Mi 10i 5G (Atlantic Blue, 8GB RAM, 128GB Storage)- 108MP Quad Camera | Snapdragon 750G Processor
Mi 10i 5G (Atlantic Blue, 8GB RAM, 128GB Storage)- 108MP Quad Camera | Snapdragon 750G Processor
₹ 23999 | $hotDeals->merchant_name
iQOO 7 5G (Storm Black, 8GB RAM, 128GB Storage) | 3GB Extended RAM | Upto 12 Months No Cost EMI | 6 Months Free Screen Replacement
iQOO 7 5G (Storm Black, 8GB RAM, 128GB Storage) | 3GB Extended RAM | Upto 12 Months No Cost EMI | 6 Months Free Screen Replacement
₹ 31990 | $hotDeals->merchant_name
Samsung Galaxy M31s (Mirage Blue, 6GB RAM, 128GB Storage) 6 Months Free Screen Replacement for Prime
Samsung Galaxy M31s (Mirage Blue, 6GB RAM, 128GB Storage) 6 Months Free Screen Replacement for Prime
₹ 15499 | $hotDeals->merchant_name
OnePlus Nord CE 5G (Charcoal Ink, 6GB RAM, 128GB Storage)
OnePlus Nord CE 5G (Charcoal Ink, 6GB RAM, 128GB Storage)
₹ 22999 | $hotDeals->merchant_name
iQOO 7 5G (Monster Orange, 8GB RAM, 128GB Storage)| Upto 12 Months No Cost EMI | 3GB Extended RAM | 6 Months Free Screen Replacement
iQOO 7 5G (Monster Orange, 8GB RAM, 128GB Storage)| Upto 12 Months No Cost EMI | 3GB Extended RAM | 6 Months Free Screen Replacement
₹ 31990 | $hotDeals->merchant_name
DMCA.com Protection Status