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Phones 4U Goes Into Administration

Phones 4U Goes Into Administration

UK retailer Phones 4U went into administration on Sunday night after the last remaining mobile phone network with Phones 4U, EE went against recent claims and pulled out of the company.


 

“All Phones4U stores will be closed for the foreseeable future”

Phones 4U has over 700 retails stores around the UK and this evenings announcement comes as a surprise to all staff members who will be briefed on Monday morning about the current situation. It is said that all Phones 4 U stores will be closed for the foreseeable future until the administrators decide which stores can be reopened for trading.

It has been a stream of bad news for Phones 4U recently with them losing UK mobile networks o2 and Vodafone but many industry sources said EE were happy to renew their contract with them. Now it seems something changed last minute and its hard to sell mobile phone contracts on the high street when you have no mobile networks to sell.

Phones 4U reportedly pulled in around ?1bn a year in sales, employed 5,596 members of staff and had profits of over ?100 million but is now been forced to shut its doors.

Its reported that Phones 4U were ready to put a competition complaint in as all that remains supplying mobile phone contracts on the high street now is Dixon’s Carphone and all the individual networks shops meaning this is the perfect time for them to drive the high streets prices up thanks to less competition and that’s a bad sign for consumers!


SourceThe Telegraph

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