Vertu

Luxury smartphone maker Vertu, which sold phones for as much as as $360,000, has reportedly shut down is shuttering.

Apparently, the British company had debts of around $180 million and a failed buyout has forced it to close.

Vertu was marketed as a smartphone company for the super-rich, selling phones that started at over $14,000. Their phones were made of premium materials and included bespoke services such as 24-hour, worldwide concierge service for its users.

Owner Murat Hakan Uzan has plans to revive the company with new services.

“We have taken the difficult decision to suspend our current Vertu services and focus on developing a completely new, next-generation suite of services, exclusively for our customers. We plan to launch these new services from September 2017 and update this page closer to launch with further information,” said Uzan.