Vertu is through. The company plans to shutter its doors and jettison some 200 employees, according to the Financial Times. Vertu started out as the luxury arm of Nokia. It took Nokia handsets and dressed them up in fine materials, such as precious metals, leather, and jewels. Nokia sold the outfit in 2012 and it has bounced between a number of owners since. Vertu was most recently purchased by Turkish businessman Murat Hakan Uzan. Vertu has about $157 million in debt, though it recently signed a deal with Chinese phone maker (and Alcatel parent) TCL. The Financial Times did not say when Vertu might permanently close up shop. Vertu did not comment on the Financial Times' story.
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