EditorialsGadgetsPhones

Gionee Goes Bankrupt

Press F

Prolific Chinese brand Gionee known for their big-batteried smartphones when 3000mAh phones were an exception rather than a rule, has officially filed for bankruptcy in China. Specifically, a court in Shenzen has accepted the company’s application for liquidation bankruptcy. The company owes a total of RMB 20.2 billion to around 648 creditors, or around $3 billion.

While the company’s founder, Liu Lirong is still optimistic that the situation can be rectified in 3-5 years (and has hired restructuring consultants to this effect), the future is bleak for the brand. According to the chairman, Gionee was losing around RMB 100 million (around $14.4 a month from 2013 to 2015. The brand’s troubles have been exacerbated when Liu lost a massive RMB 1 billion bet in a casino.

While there’s a slim chance the Gionee emerges from bankruptcy a stronger brand, chances are that the company is done for.

Source

John Nieves

John is a veteran technology and gadget journalist with more than 10 years of experience both in print and online. When not writing about technology, he frequently gets lost in the boonies playing soldier.

Related Articles

2 Comments

  1. Ganyan talaga pag ang negosyo sinamahan ng sugal. Excessive gambling wont do anyone good.

    Tip. Kung magsusugal ka, isipin mong natalo na ang puhunan mo at wag ka ng lalampas pa sa puhunan. My dad learned that lesson the hard way. He lost his 1 month salary in a mahjong game when i was still a kid.

    I will only be lying if i say i did not gamble. I did but very minimal and controlled. Tumatak sa isip ko kasi nangyari noon sa father ko.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button
%d bloggers like this: