Israeli cell phone maker Modu is closing its doors. Modu made a name for itself when it introduced the worlds smallest and lightest cell phone back in 2008, dubbed Modu. The Modu phone could take on different configurations depending on the accessories paired with it.
Back in November the company was expected to file an IPO, but with mounting debt, the company will be forced to close by mid February. Only a small sales force will remain to sell off the rest of the inventory.
According to reports, modu currently owes $123 million to investors and another $21 million to the Israel Discount Bank. Modu may also owe a substantial sum to former employees, who today filed a liquidation request with Israeli courts in an effort to recoup salaries they are allegedly owed.
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