Smartphone maker Wileyfox has entered administration, the British equivalent of American bankruptcy.
Where the company will go from here remains unclear, as not much information is available.
According to a Reddit-verified Wileyfox employee, the British upstart smartphone manufacturer has entered administration, the British equivalent of American bankruptcy.
Like with bankruptcy proceedings, administration involves government officials stepping in to help insolvent companies deal with paying off their debts by liquidating assets.
It is not yet clear what this means for Wileyfox as a company, nor what it will mean for owners of its devices, like the Swift 2 and Swift 2 Plus.
It is not unheard of for a company to enter into bankruptcy and stay afloat, but judging from Wileyfox’s size and its sales troubles, this does not seem like it will end well.