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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.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)