Following reports that Samsung has stopped production of Galaxy Note 7, the company has now officially issued a statement saying that it is ceasing sales of the phone worldwide. In the same statement, Samsung is advising all Note 7 owners to power down and stop using their phones.

Many retailers have already halted the sale of the Note 7 and at the moment, it is unclear when and if the phablet will go on sale. If you still haven't replaced your faulty Note 7 for a new, "safe" model, you now have two different options: either get a Galaxy S7 or Galaxy S7 Edge and a refund of the price difference between devices or get a full a refund for the Note 7.

Because consumers' safety remains our top priority, Samsung will ask all carrier and retail partners globally to stop sales and exchanges of the Galaxy Note7 while the investigation is taking place.

Consumers with either an original Galaxy Note7 or replacement Galaxy Note7 device should power down and stop using the device and take advantage of the remedies available.