Vertu to Close Up Shop
Vertu is through. The company plans to shutter its doors and jettison some 200 employees, according to the Financial Times. Vertu started out as the luxury arm of Nokia. It took Nokia handsets and dressed them up in fine materials, such as precious metals, leather, and jewels. Nokia sold the outfit in 2012 and it has bounced between a number of owners since. Vertu was most recently purchased by Turkish businessman Murat Hakan Uzan. Vertu has about $157 million in debt, though it recently signed a deal with Chinese phone maker (and Alcatel parent) TCL. The Financial Times did not say when Vertu might permanently close up shop. Vertu did not comment on the Financial Times' story.
Microsoft Prepared to Cut More Jobs
Microsoft is planning to announce a new round of layoffs as early as today, reports the New York Times. Many of the cuts will target employees in Microsoft's hardware group, such as the smartphone unit it bought from Nokia in 2014.
Motorola to Open Chicago Experience Shop
Motorola today said it will open a new retail store in Chicago on Nov. 7.
Nokia and Samsung Settle Patent Licensing Deal
Nokia today said it has reached an agreement with Samsung over the licensing of its wireless patents. The companies have been disputing the value of Nokia's patents since Nokia sold its handset division to Microsoft.
Microsoft to Close Nokia Finnish Phone Production Site
Microsoft today confirmed it plans to fully close a facility in Salo, Finland, that was formerly used to create and produce mobile phones. Microsoft will leave the Nokia facilities in Espoo and Tampere open, but plans to cut about 2,300 jobs in Finland in total.
China Approves Nokia's Alcatel-Lucent Acquisition
Nokia's attempt to acquire Alcatel-Lucent has cleared another hurdle now that it has won approval from China's Ministry of Commerce. The anti-monopoly body will allow the proposal to move forward under certain conditions, which mostly pertain to licensing standard essential patents.