The British company Vertu, which produced luxury phones worth several thousand dollars, will be eliminated after the plan for its rescue was not justified. Vertu, which was widely known for its phones, created with expensive and very expensive materials, recently faced financial difficulties.
Vertu was founded by Nokia in 1998, but was sold in 2012. In March of this year, Vertu was on the verge of bankruptcy, its debts exceeded $ 120 million, and then the company was bought by the Chinese entrepreneur Hakan Uzan, who is an ethnic Turk who fled his country under the pressure of local authorities. Hakan Uzan said then that he wants to help Vertu «restore reputation».
However, these plans were not destined to come true, the problems did not disappear anywhere, and now the company will have to be liquidated. The main reasons for the collapse of Vertu analysts called the use of obsolete technology and increased competition. Previously, Vertu was almost the only company that offered phones decorated with precious metals and stones. Now there are more such offers: in the same Russia among the so-called elite are popular phones IPhone from Caviar, inlaid with gold and precious stones. In addition to this, Vertu phones were not very productive.
Info from http://techshift.net/.