Samsung Electronics has scrapped its flagship smartphone less than two months after the device’s launch. Reuters reports that the company announced the news today after it was unable to resolve safety issues with the Galaxy Note 7.

“Samsung announced the recall of 2.5 million Note 7s in early September following numerous reports of the phones catching fire and on Tuesday it finally pulled the plug on the $882 device in what could be one of the costliest product safety failures in tech history,” Reuters reports.

“The decision to scrap the Note 7 came after fresh reports of fires in replacement devices prompted new warnings from regulators, phone carriers and airlines,” the report adds.

In a filing with the Seoul stock exchange, the South Korean company said: “[We] have decided to halt production and sales of the Galaxy Note 7 in order to consider our consumers’ safety first and foremost.”

Samsung, which has been working with regulators on the safety problem, is offering to exchange Note 7s for other products or to issue refunds.

“Analysts say a permanent end to Note 7 sales could cost Samsung up to $17 billion and tarnish its other phone products in the minds of consumers and carriers,” Reuters reports.