Phones4U

EE to buy 58 Phones 4U stores

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On Friday we reported how Vodafone are to buy 140 of Phone 4U’s stores and EE have now confirmed that it is to buy 58 stores.

An EE spokesperson stated:

“We can confirm that we have agreed with the Phones 4U administrator to purchase 58 stores, safeguarding 359 jobs, subject to court approval.”

Phones 4U was forced into administration last week when it failed to reach deals with EE and Vodafone to continue selling their services.

PwC joint administrator and partner Rob Hunt said:

“We are absolutely delighted to have completed this further disposal of 58 Phones 4u stores, which will both recover value for secured creditors and save 359 jobs. As with the Vodafone transaction, we consider that this represents the best potential outcome for creditors in the circumstances, although it remains subject to the approval of the UK courts.”

Both EE and Vodafone deny claims they were behind Phones 4U’s demise. EE said its decision to end its relationship with Phones 4U was based on its strategy to focus on its own shops and cut out intermediaries, while Vodafone rejected any suggestions that it had acted inappropriately during contract negotiations.

Thousands of jobs remain at risk at Phones 4U, which had operated more than 700 outlets and had almost 5,600 staff. 2,058 of the 5,600 staff employed by Phones 4u are now guaranteed alternative employment[signoff predefined=”Enjoy this?” icon=”icon-users”][/signoff]

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