Vertu, the Premium Smartphone Maker, Is Reportedly Shutting Down

  • Just last month, British luxury smartphone maker Vertu announced that the company has reached an agreement with TCL to use latter's technology for its smartphon
  • Vertu said that 30,000 handcrafted Vertu phones will be manufactured under TCL partnership but now the premium smartphone maker is reportedly shutting down.
  • Earlier this year, Turkish businessman Hakan Uzan acquired Vertu for a consideration of GBP 50 million (roughly Rs. 402.65 crores).
  • As per a report by Financial Times, Uzan tried to repay the company's debt worth GBP 138 million (roughly Rs. 1,154 crores).
  • for GBP 1.9 million (roughly Rs. 15.9 crores) , points out Android Police. As the creditors rejected this offer, Vertu's operations are going to shut down.
  • Notably, the concierge services for previous buyers are also being reportedly suspended. While 200 employees are being laid off due to this shutdown.

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