As stated here in this You Tube video write up, the V handle was "only made for two years and was discontinued because the door sometimes fell off and squished little kids."
I don't know why they couldn't just have put a warning sticker on it. Like the "don't use your electric hair dryer in the shower" type.
When I spoke with them they said the Philco was working still after 55 years and was used in the chicken coop to store eggs. Eventually the coop collapsed on it.
They have owned it since new and have no plans to part with it at this time. Maybe with a little TLC it can become a beer fridge now. Oh. . . and the door has never fallen off and squished anyone.