With the threat of bankruptcy looming, luxury phone-making company Vertu is shutting down. This comes after a failed £1.9 million GBP ($2.4 million USD) rescue attempt to remedy the company’s £128 million GBP (approximately $166 million USD) debt. Overall 200 employees will be impacted. The company released a statement that can be viewed on the Vertu website.

“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.”