“The struggling mobile phone manufacturer Nokia Corp. has decided to close its operations in Japan by August 2011. Nokia will shut down its high-end Vertu handset stores in Shibuya and Ginza districts of Tokyo by the end of 2011,” Zacks Equity Research reports.
“Vertu is one of the premium tier mobile handset in Japan and its price is ranged from $7,450 to $248,354. Vertu handsets started struggling ever since smartphones of Apple Inc. and several Android-based smartphones entered the Japanese market,” Zacks Equity Research reports.
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“Nokia’s phone service in Japan currently runs on network infrastructure, which was leased from NTT DoCoMo, the largest Japanese wireless carrier,” Zacks Equity Research reports. “This contract will come to an end by end August 2011. Nokia has decided not to renew this deal. The Tokyo office of Nokia will remain [open] till end 2011 to manage post closure activities.”
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