PwC, the administrator for Phones4U has confirmed the closure of the remaining 362 stores and the resulting loss of 1,700 jobs. EE had earlier agreed to acquire 58 stores and Vodafone 140 stores between them saving approximately 1260 jobs, whilst 720 Phones4U employees have been retained in the short term to assist with the closure of the business. Phones4U was founded in 1987 by John Caudwell who sold it for £1.46bn to Providence Equity Partners in 2006. It was then acquired by the private equity firm BC Partners in 2011 for £200 million who are alleged to have loaded the business with debt.
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