AROUND 2,400 employees are set to lose their jobs at Phones4U, administrators into the beleaguered mobile phone retailer have confirmed.
PwC said there had been “limited interest in the balance of the estate from parties considering going concern offers”. This means that some 362 stores will now close with the loss of 1,697 staff. A further 720 people – who have been granted a stay of execution in the short term to assist with the closure programme – will also be made redundant when that process ends.
Rob Hunt, joint administrator and PwC partner, said: “It is a very sad day for the staff working at those locations and our thoughts are with them. We will make every effort to help the affected staff, working with the Phones 4u HR team over the coming days to support employees.”
Last week, Phones 4U collapsed into administration after EE joined Vodafone in severing its ties with the retailer. O2 ended its relationship with Phones 4U earlier this year.
Despite the gloom around 2,000 jobs across 198 Phones 4U stores and 160 concessions had been saved after various mobile network operators had agreed to take them on.
Among them are 369 staff taken on by EE after it bought 58 Phones 4u stores, while Vodafone bought 140 stores and retained 900 workers. Dixons Carphone hired an additional 800 people that work in Phones 4u concessions in PC World and Currys.
PwC were appointed on 15 September to Phones 4U, which once boasted an annual turnover of £1bn, and operated from over 700 outlets with 5,596 employees.
HMRC has defeated a tax avoidance scheme used by Greene King and marketed by EY, protecting around £30m in tax.
Businesses will have to think more strategically about where they can source those non-audit services in the future
Brexit poses strategic challenges at several levels of the organisation. At the corporate level, key questions might include whether to relocate headquarters, restructure for tax or capital purposes, acquire within or diversify away from the UK
Powell, who recently stepped down as chairman and senior partner at PwC, is set to join FTSE 100 firm Capita