We all love Gionee smartphones, but it appears the Chinese smartphone maker has been facing a tough time over the past few months and about to be at the verge of bankruptcy.
The company has been facing financial woes in China, and if the latest report is to be believed, Gionee is considering filing for bankruptcy. There is also a possibility of liquidation after the company failed to pay financial creditors, marketing firms and about 400 suppliers.
According to reports from Beijing Youth daily, Gionee is on the verge of bankruptcy after owning money to financial institutions, suppliers, advertising and marketing agencies. Gionee currently owes $2.45 billion. And the chairman of Gionee “Liu”, had earlier lost CNY1 billion while gambling with the company assets.
Gionee, which ranked behind Apple in sixth place for handset sales in China last year, is now on the verge of bankruptcy restructuring as suppliers have halted component sales after failing to receive payments for several months, according to the report.
Liu admitted in the interview that Gionee’s total debts amount to 17 billion yuan($2,447,065,000), with 10 billion yuan($1,439,450,000) of this owed to banks, 5 billion yuan($719,725,000) to upstream suppliers and about 2 billion to advertising agencies.
If restructuring is not a viable option, Gionee will go into liquidation. This probably is the reason why you haven’t been seeing new devices from the company lately.
Aya that’s bad
Gionee… I’m surprise
its no wonder they haven’t brought a new phone into the market
Sad to see Gionee going d way of LeEco. I once used Gionee M3 mini
Handsets manufacturing market is becoming highly competitive, it is now a matter of survival of the fittest.
So unfortunate for them
If they wanna go bankrupt, good luck to them. So many businesses have failed and the world hasn’t crumbled… It’s their headache, not our’s…
thats sad though. I’m not surprised cox they have notbeen producing for a while
They’re equally corrupt there too?
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Not a good story though. They really tried for nigeria, with all their big battery devices
Why won’t they go bankrupt when all there device is high in price.. Check gionee m2017 specs and the price it will wow you to get an iphone instead.
Sad….
I feel for them, their staff also going into the labour market.. So sad
So unfortunate
I hope they find a way out. They really impacted Africa with great budget devices
My best smart phone so far. But they will scale through
That’s bad news as many will lose their job
Had a feeling the end was near, haven’t seen a device from them for awhile now
This is really sad.
After gionee A1 everything is now story so bad
so unfortunate..
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too bad for gionee
Ehyah Thats bad news for them.
I new that this will come someday
Sorry for them
I really do like their products