For those who reckoned a company like Bang & Olufsen was safe from any economic turmoil, um, reckon again. As people from all walks of life decide to spend less extravagantly during these curious, curious times, it seems that B&O has been affected quite dramatically. As you well know, said company makes its ends by offering up stupendously pricey gizmos, but starting now, you'll find it only offering "core products" such as televisions and sound systems. Unfortunately for those with cash to blow, that means you'll be scouring the secondhand market for B&O cellphones, DVD players and recorders. In addition, the company is planning to axe 300 jobs to save around $27.5 million, but it is looking to open more shops in "growth markets" such as Russia and China.

[Via iDNES]

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Bang & Olufsen pulls the plug on cellphone production, some jobs