There was, for a brief moment there, a glimmer of hope for the Phones 4u staff. We told yesterday how a plan was being formulated to give bondholders of the company a share of equity in an attempt to get stores opened and trading again.
Sadly this plan has been rejected by the administrators, who say that there’s..
No realistic prospect for a debt-for-equity swap.
This means that we’re back to the initial plan, which will be to sell off stores to network operators, who will no doubt pick out the best ones and get them rebranded.
Some 5,596 staff worked at the company, although those working at concessions outlets look set to move across to Carphone Warehouse.