As far as I can see you are correct, you need to return the phone if you want to cancel the contract and have checked with Carphone Warehouse as well
The company who have licences to their name is made up primarily of old Nokia execs, so it's not as if it's a random company who slapped the Nokia brand name on generic phones. Sure, they went very low before but even without that they're still selling a lot of phones - they're on the same level as the big players now.
Considering how low they went that's not a challenge. Besides they aren't really Nokia any more. Just another company that bought the name
Too late for Nokia? What are you on? They've been doing amazingly well recently, their sales just keep going up.
Blackberry went tits up after their playbook release, lying to investors and customers, charging iPad prices for an unfinished product and offering no support. Amazed they're still going, guess they're living off their patents, which no doubt apple or Google will buy within the next 5 years.