German trade unions, notably IG Metall, alleged that senior management was entirely to blame. "New innovative mobile phones were developed to the point of market maturity, but on account of wrong or late decisions by the upper echelons of the company were never mass-produced or if they were at much too late a date," the trade union said in a prepared statement.
For the last few months, BenQ hoped to sell the complete mobile division to someone, anyone, but the most recent interested party has decided that the company cannot be salvaged financially and withdrew its bids over the weekend.
As such, its insolvency manager, Martin Prager, announced that the company's assets (furniture, patents, buildings of an estimated worth of $408 million) will be broken up and sold separately.
It's always a sad day to see a company die. Even more so when just a few short years ago it was riding a global wave of success. The event underscores just how competitive the global market for mobile phones is.