Mobile phone operator EE has acquired 58 Phones 4u shops out of administration, saving almost 359 jobs from the collapsed retailer.
A phones 4U store was placed in administration last week after EE became the final mobile operator to cut ties with the retailer.
All the 58 stores and 359 employees will be transferred to EE with immediate effect. Stores will be re-branded to EE, with most to be opened next week.
Phones 4U administrator PwC said the transaction includes Phones 4U’s interest in the 58 stores’ leasehold properties and their fixtures and fittings and various associated contractual rights and obligations.
However, it does not include store inventory, according to PwC. This will be recovered and realised separately by the administrators.
EE spokesperson said, "We can confirm that we have agreed with the Phones 4U administrator to purchase 58 stores, safeguarding 359 jobs, subject to court approval."
PwC partner joint administrator Rob Hunt said: "We are absolutely delighted to have completed this further disposal of 58 Phones 4u stores, which will both recover value for secured creditors and save 359 jobs."
"As with the Vodafone transaction, we consider that this represents the best potential outcome for creditors in the circumstances, although it remains subject to the approval of the UK courts."
Phones 4u is a UK based operator of mobile phone retail stores. The company specialises in mobile phones and related product areas, such as laptops, mobile broadband products, and accessories.