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It’s no secret that Color was in trouble, our coverage about its CEO, Bill Nguyen, not playing an active role in the company for quite some time made the rounds online and as of today, it appears the company is closing its doors.

Last week, company shareholders and the board voted to shut down the company. The email sent to employees can be read below.

I hope is all well with you. As you may or may not have heard, Color is going through a number of changes. Last week, the Board and major shareholders voted to wind down the company.

We ask that you politely cancel any existing commitments stating we are closing our [redacted] program.

This news today comes despite the recently entered into multi-year agreement with Verizon that would have implemented the Color app into many of its phones with some exclusive features right out of the box.

If anything, I guess this goes to show you that money alone cannot make you successful.

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