Accountancy PwC has been formally appointed administrator to collapsed mobile phones retailer Phones 4U.
PwC partners Robert Hunt, Ian Green and Robert Moran said it has been appointed to preside over Phones 4U as well as its network operator Life Mobile Limited.
The chain has an annual turnover of £1 billion, operating from more than 700 outlets with 5,596 employees.
Its administration follows the decision by network operators Vodafone and EE in the last month to join Three and O2 in declining to have their products sold in Phones 4U’s shops.
Hunt said: "This is a very sad day for the business and the many people working there. In light of our impending appointment the directors understandably took the decision to close all the shops today and sent many staff home.
"Our initial focus will be to quickly engage with parties who may be interested in acquiring all or part of the business, and to better understand the financial position and options for the company. The stores will remain closed while we have these conversations.
He added: "We will also be talking to network operators and suppliers, and trying to access funds to pay for the costs of the business, including wages.
"These conversations will determine whether we can re-open stores and trade, and also if and when we can pay the arrears of wages to employees. Our hope is that we will be able to pay all the outstanding wages arrears.”
