Phones4U strikes deal with Vodafone for sale of 140 store locations

By Kali Hays

New York, Sept. 19 – Phones4U Finance plc has reached a deal with Vodafone UK for the sale and transfer of 140 Phones 4U store locations, according to a Friday news release.

The transferred stores will be re-branded to Vodafone stores in the coming weeks.

Specific terms of the sale are being kept confidential, according to the release.

While the deal is subject to the High Court of Justice of England & Wales allowing Phones4U to release a fixed charge security held by its secured creditors, the company is “confident that this represents the best available transaction for creditors.”

The court appointed administrators will apply to the court Monday for the release, allowing the sale to be finalized.

If the sale is completed, it will result in the continued employment of 887 Phones4U employees.

As previously reported, Phones4U filed for bankruptcy administration on Sept. 15 after verifying that Vodafone Ltd. and EE Ltd. were not to renew network agreements with the company.

Phones4U is a mobile phone retailer based in Newcastle-under-Lyme, England.

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