You might remember modu as the company who introduced some of the smallest cell phones in the world, and it allows those phones to have various features via external accessories. Now things aren’t looking too good for the company, though, as reports are in that it will be forced to close in early February and until then, only a small sales team will remain in place to sell off remaining inventory.

The reports indicate that modu currently owes $123 million to investors and another $21 million to the Israel Discount Bank. Former employees have also filed a liquidation request with Israeli courts to try and recoup salaries that are allegedly owed. With such things going on, it doesn’t seem like there will be a future for the modu W or modu T phones that were reported earlier.

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