Britain-based luxury phone-maker Vertu, which rolled out jewel encrusted smartphones costing as much as $46,600 is not finding buyers for its devices, setting the stage for its collapse, the media reported.
The company recently faced financial difficulties and will be liquidated after a plan to save it failed, BBC reported.
Nearly 200 jobs will be lost as a result of the company's liquidation.
"Well it's gone into liquidation and I'm not being paid by them any more," a spokesman for the firm was quoted as saying.
Vertu phones carry hefty price tags and one model featuring 18-carat red gold could cost as much as $46,600.
Vertu was founded by Nokia in 1998, but it was sold in 2012. The following year, Vertu switched from using Nokia's Symbian operating system to Google's Android.
--IANS
gb/vm
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)