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Luxury phone maker Vertu throws in the towel

Vertu’s tumultuous 2017 has come to an finish. Simply two weeks after rumors surfaced suggesting the luxurious cell phone maker was in monetary hassle, phrase has come down the pipe that Vertu has certainly folded.

The Monetary Instances is reporting that the handset maker was going through 138 million kilos in debt (round $178 million). Proprietor Murat Hakan Uzan was apparently solely capable of give you 1.9 million kilos to cowl the debt – a drop in the bucket in comparison with what was owned. Because of this, the manufacturing arm of Vertu might be liquidating and almost 200 individuals might be out of a job.

Issues have come to an finish moderately quickly it appears. On June 20, Vertu signed a $40 million cope with Chinese language electronics maker TCL that might have provided the firm with the to handcraft 30,000 Vertu telephones.

Vertu has captured headlines over the years for its lavish, only-for-the-one-percent creations constructed utilizing premium supplies like sapphire crystal glass, ostrich leather-based and Grade 5 titanium. It wasn’t unusual to see a Vertu phone carry a price ticket of $6,000 with some fashions costing upwards of 20 grand.

In March, Uzan bought the luxurious model for round $61 million.

Phrase on the road is that Uzan will retain possession of Vertu’s model, know-how and design licenses with plans to resurrect the firm in the future.

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