Smartphone manufacturer Wilefox is now in administration (effectively, bankrupt). The firm has run out of money to operate and is now laying off staff while plans are being made on how to move forward.
News of this originated on Reddit, with a Wileyfox staffer posting on the official sub to alert users. “Wileyfox Europe Limited is in Administration. Andrew Andronikou and Andrew Hosking are appointed joint administrators and act jointly and severely without personal liability. ” Said Wileyfox Jack, “As for hopes of restructuring/buy-outs happening. I am doubtful but if anyone out there has some cash spare please go ahead and buy Wileyfox I liked working there!”
As it is now, Wileyfox is being run by administrators, who will now attempt to either save the company by going over the finances or finding a buyer or sell off its assets in order to cover as much of its debt as possible.
The firm was praised for its cheap and low-cost Android smartphones and promised to launch cheap Windows 10 powered phones as well.
As it turns out, selling smartphones cheaply isn’t an entirely profitable business, and the firm never quite could reach the critical mass to make its business plan as successful as it needed to be.